With the price of Bitcoin (BTC) recently crossing $52,800, top analysts have shared insight on what might trigger a breakout from this level.
Bitcoin has impressed traders remarkably, soaring from $42,280 on January 1 to $52,369.03 at the time of writing after jumping by 4.60% within 24 hours. The growth came following the approval and growth of the spot Bitcoin ETF products by the US SEC.
With the massive surge that has earned Bitcoin a 22.48% surge Year-to-Date (YTD) now slowing down, a reboot is needed to ignite further interest in the coin.
Major Break or Make Level
According to market analyst Ali Martinez, Bitcoin’s 10-minute chart paints a unique picture of what the future holds. Per the analyst, the support trendline for the TD Sequential indicator is pegged at $51,700 with resistance locked at the $52,515 price mark.
On #Bitcoin 10-mins chart, the TD Sequential’s support trendline sits at $51,700 while the resistance trendline is at $52,515. A sustained close outside of this zone will determine the direction of $BTC next move. pic.twitter.com/D0awMEQTxp
— Ali (@ali_charts) February 19, 2024
Ali Martinez noted that the price of Bitcoin will need to close above the upper level to chart a new direction. The forecast for Bitcoin price is such that it might surpass its All-Time High (ATH) of $68,789 in the coming weeks.
The influence of the spot Bitcoin ETF is cited as a major catalyst to drive this growth, as institutional investors embrace the ETF products from BlackRock, Fidelity Investments, Galaxy, and others.
Many market leaders have spotted the supply and demand imbalance wherein the daily BTC acquired by these ETF issuers far outweighs asset’s supply. JAN3 CEO Samson Mow confirmed on February 16 that BTC demand was 10x its supply.
Halving Parabolic Trigger
Beyond the spot Bitcoin ETF influence, the industry is set to welcome the next Bitcoin halving event sometime in April of this year.
Through this event, the Bitcoin block rewards will be slashed from 12.5 BTC to 6.25 BTC, further shrinking the already limited supply of the asset.
Should the demand from the spot Bitcoin ETF market persist, a major rally might be recorded for the coin moving forward with projections as high as $200,000.