Bitcoin (BTC), the leading cryptocurrency in the market, is in a recovery trend after successfully testing the important support level at $60,000 in recent days. This price increase is driven by many factors, notably the news that China may soon announce additional economic stimulus packages, contributing to the positive sentiment in the cryptocurrency market.
Cryptocurrency analysts believe that BTC has now gained strong momentum, and the previous price correction is considered ineffective in the current context. Recently, the buying pressure on Bitcoin has increased significantly, leading to an explosion in the value of this coin.
While BTC is in a consolidation phase, the market is preparing for a potential price movement. Experts believe that the coin will continue to move sideways for a while before it can break out. They believe that when the consolidation phase ends, Bitcoin could reach $78,000.
Ali Martinez, a popular cryptocurrency analyst, analyzed BTC's price chart and shared with his followers on the X platform that the coin is trading between $60,000 and $66,000. Martinez emphasized that if Bitcoin maintains its upward momentum, it will likely initiate a strong bull run, with a target of $78,000 in the near future.
AMBCrypto, an on-chain data analytics firm, also predicted that Bitcoin is likely to hit an all-time high. In their analysis, a notable metric showed that BTC could reach $112,000.
Some of the factors that are considered to be driving this price increase include the gradual decline in the number of Bitcoins on central exchanges, the continuous accumulation of BTC from spot ETFs, and the beginning of global monetary easing policies. These factors not only contribute to creating confidence for investors but also promote a sustainable growth trend for Bitcoin in the coming time.
