BTC Bulls Expected to Revisit $67,000 Levels: Is Bitcoin Poised for a Massive Rally?

• Bitcoin is technically bullish if it holds above previous lows (around $60,000). A break below $56,000 could signal the end of the bull market.
• Savvy investors, including MicroStrategy, continue to buy Bitcoin. Financial advisors also seek to increase clients’ crypto exposure.
• Bollinger Bands indicate critical support levels, suggesting potential massive volatile moves. Sideways consolidation doesn’t necessarily mean the end of the bull market.

Bitcoin’s price has kept investors on edge, with no clear confirmation of a bull or bear market. Last week, price action remained relatively tame, showing low volatility and a slight bullish relief. As the post below suggests, this is not the get bearish on BTC

Not the time to get bearish #Bitcoin $BTC pic.twitter.com/4xseRTTbhL

— Quinten | 048.eth (@QuintenFrancois) June 20, 2024

But when will Bitcoin recover from the prevailing bearish outlook? Some analysts suggest that BTC will recover when weak miners die and hash rate recovers.

Bollinger Bands Indicator Signal a Potential Surge

Currently, the Bollinger Bands indicator is testing critical support levels on the 4 hour and daily charts. This suggests that Bitcoin’s price is at very low levels, historically preceding massive volatile moves.

These moves can be as significant as 20-30% or even larger. So, while the sideways consolidation might seem bearish, it doesn’t necessarily signal the end of the bull market.

According to experts, Bitcoin is technically bullish as long as it holds above the previous lows (around $60,000). If the price breaks below $56,000, discussions about the end of the bull market may begin.

Bitcoin recently retested a previous support area, now acting as resistance around $67,000 to $68,000. A break below this level confirms it as new resistance. The volume profile indicator shows a massive cluster of traded volume in this range.

The next significant volume support lies around $63,000 to $64,000. Liquidity is also building around $67,300 to $67,400. This signals potential revisits to this resistance area before any further upward movement.

Savvy Investors Still Buying Bitcoin

Despite the uncertainty, savvy investors continue to buy Bitcoin. MicroStrategy, led by Executive Chairman Michael Saylor, acquired an additional 11,931 BTC for $786 million. This strategic move brings their total Bitcoin holdings to 226,331 tokens, valued at nearly $15 billion.

Additionally, financial advisors are increasingly interested in Bitcoin, with 98% aiming to increase clients’ crypto exposure. While the market remains uncertain, Bitcoin’s potential for growth and its role as digital gold continue to attract both cautious and bold investors.

Source