At the time of writing, BTC is worth $41,511.85, up 5.11% in the past 24 hours, atop a 102% jump in trading volume to $32,083,399,386.
According to Martinez’s chart, the next most important price Bitcoin will likely breach is $47,360. While Bitcoin’s current outlook suggests retesting this price level is possible in the mid- to long term, the analysts named the $37,000 price zone as the next crucial support zone to watch.
Bitcoin’s growth thus far this year has been eclectic, jumping from around $16,663 at the start of the year. The more than 150% year-to-date (YTD) gain has helped it change its narrative in no small measure. Should the coin now succeed in breaching the $47,360 level as Martinez suggested, Bitcoin .
While mainstream institutional investor interest in Bitcoin remains high, as showcased by MicroStrategy’s , the potential likelihood of the SEC approving a Bitcoin Spot Exchange Traded Fund (ETF) product will usher in the massive capital that the coin needs to chart an ambitious price surge.
Bitcoin, for now, has shown that while in stealth mode, it can surprise investors with its impressive price maneuvers.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
