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>>Bitcoin's price hovers around the $70,000 mark, encountering resistance. Analysts are monitoring the next potential move, as the market awaits clues about the cryptocurrency's future direction.

Bitcoin's price hovers around the $70,000 mark, encountering resistance. Analysts are monitoring the next potential move, as the market awaits clues about the cryptocurrency's future direction.

crypthub

1/24/2025, 11:51:40 AM

Bitcoin's Recent Performance

Bitcoin (BTC) has shown significant price movements in recent weeks, reaching a peak of $71,957 with a 13% gain over seven days. This surge is attributed to increased inflows into Bitcoin spot ETFs and optimism about Ethereum's potential approval by the SEC.

U.S. Bitcoin Spot ETFs Dominance

BlackRock’s IBIT fund has led the way in U.S. bitcoin spot ETFs, capturing 94.86% of recent inflows totaling $280 million. This success puts it closer to Grayscale’s Bitcoin Trust in terms of holdings. The popularity of these funds and institutional interest in bitcoin ETFs reflect growing confidence in cryptocurrencies.

Analyst's Outlook on Cryptocurrency Market

Kaleo, an analyst, predicts that the true bull cycle for cryptocurrencies is yet to begin, with Bitcoin currently in an accumulation phase. He forecasts a potential price range of $150,000 to $200,000 for Bitcoin and $12,000 for Ethereum. Kaleo also expects increased capital inflows towards altcoins and decentralized applications due to market interest.

Resilience Despite Setbacks

Despite temporary dips, such as Bitcoin's fall below $70,000 and Ethereum's drop to $3,737, Kaleo maintains an optimistic view. He believes these fluctuations present future opportunities and anticipate heightened investor interest leading to price increases across the crypto market.