The post Bitcoin Smashes $72,000, Where Will the BTC Price Rally Lead by the End of the Day? appeared first on Coinpedia Fintech News

The crypto bull run has begun! The bitcoin price roars above $72,000 and the bulls appear to be unstoppable. The buying pressure is piling up as FOMO is circulating within the crypto markets. In such trading conditions, the token is expected to maintain a healthy upswing for a longer time and achieve greater highs in the coming days. 

The BTC price is trading above $72,000 as the token continued its trade within the discovery mode after surging beyond the final resistance below $70,000. Although the bull run was validated much before, the strength of the rally appears to have elevated with the move. One big reason for this major move could be the entry of institutions into the markets. MicroStrategy has been buying BTC for months but in just two months, Blackrock surpassed it to become the highest holder of BTC. 

This suggests a huge demand from investors, which has been recorded since the beginning of the year. 

The data from CryptoQuant suggests there has been a huge jump in the Bitcoin inflow into the accumulation address. This signals an uptick in investor demand, which has been at its highest since the start of 2024. Now that the price is swelling and discovering new highs every day,  there is no room to be bearish on Bitcoin as it appears to be programmed to reach $90,000 without any hindrance from the bears. `

Historically, the BTC price peaks in the ongoing bull cycle, 518 to 546 days after the halving. Now that the token has been showing clear signs of acceleration, the current cycle may witness its highs, in just 260 days. Besides, the bears are expected to maintain a low-key trade for a while and wait for the right time to cash in.

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Filed under: Bitcoin - @ March 11, 2024 3:24 pm