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Bitcoin Eyes New All-Time Highs: 10x Research

Bitcoin's journey to new all-time highs is on the brink of realization, pending breakthrough beyond $67,500 barrier
May 20, 2024

Bitcoin enthusiasts are closely watching the cryptocurrency's price movements as it nears a critical threshold of $67,500. Markus Thielen, head of research at 10x Research, believes that breaching this level could trigger a bullish rally, potentially leading to new all-time highs for Bitcoin.

Thielen points to Bitcoin's recent recovery above $66,000 as a positive indicator for its price trajectory. Over the past week, Bitcoin has seen a notable growth of over 7.3%. According to Thielen, surpassing $67,500 could validate their Bitcoin ETF model's projections and propel Bitcoin to new heights.

In the United States, spot Bitcoin exchange-traded funds (ETFs) have witnessed consecutive weeks of positive inflows, with over $200 million flowing in. Although this is half the amount compared to the previous week, it underscores growing institutional interest in Bitcoin.

However, Bitcoin faces significant resistance at the $67,500 level, with a potential breakthrough expected to liquidate nearly $300 million worth of leveraged short positions across various exchanges.

Despite the optimism, some analysts, like Michael Novogratz of Galaxy Digital Holdings, anticipate Bitcoin to remain within a relatively narrow trading range of $55,000 to $75,000 in the current quarter. Novogratz cites market events and circumstances as potential drivers for pushing prices higher.

Nevertheless, leading trading firm QCP Capital remains bullish, forecasting a potential return to the highs of $74,000. The firm highlights significant buyers acquiring BTC Calls for December 2024, indicating confidence in Bitcoin's upward movement.

As Bitcoin enthusiasts await further developments, the cryptocurrency market remains poised for potential breakthroughs and price surges.

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