Bitcoin Surges Past $65,000, Bullish Momentum Returns, $100,000 Next?On Thursday, the BTC/USD trading pair broke through the $65,000 resistance level, hitting a new all-time high. Friday's daily chart showed the pair has confirmed the breakout, setting the stage for further upside, with the next target being the key resistance around $70,000
Bitcoin Surges Past $65,000, Bullish Momentum Returns, $100,000 Next?
On Thursday, the BTC/USD trading pair broke through the $65,000 resistance level, hitting a new all-time high. Friday's daily chart showed the pair has confirmed the breakout, setting the stage for further upside, with the next target being the key resistance around $70,000. The return of strong bullish momentum has also triggered a shift in market sentiment.
The Fear & Greed Index shows that market sentiment is pivoting towards greed. Just last month, the index stood firmly in fear, scoring only 30. The change in market sentiment over a few weeks has been drastic. There has been a resurgence of buying in US spot Bitcoin ETFs, with only one day of net outflows in the past ten days. The net inflow on Thursday reached $365.7 million, the biggest single-day net inflow since July, likely a result of institutional investors piling in ahead of another leg up in the BTC price.
Further supporting the trend is the explosion in M2 money supply. Macro analyst Raoul Pal reposted a tweet by JulienBittel on X showing global M2 money supply has broken out. Both analysts believe this metric will propel crypto prices higher. Bittel commented on his and Pal's "everything is code" thesis, saying "If our everything is code thesis is correct, then this number is going to be much higher..."
In the short term, the BTC price is indeed on an upswing. The Thursday resistance levels of $63,600 and $65,000 have now become support levels. The price could bounce back to the top of the channel, theoretically reaching this level between $68,000 and $70,000. The next Fibonacci level for this move would be 1.618, which equates to $72,750.
The weekly chart for Bitcoin offers a clearer picture of the macro landscape. The price has now surpassed the top of the candle from the previous bull market cycle in 2021, and the top of the bull flag is now in very close proximity. It's remarkable how accurate Fibonacci levels have been throughout Bitcoin's bull cycles. The 0.786 Fibonacci is now support, while the next major level (1.618) sits well above $102,000. Additionally, measuring the move of the bull flag puts the target price slightly above $100,000.
From all angles, the future outlook for Bitcoin is bright. Fibonacci levels have predicted major moves in Bitcoin's previous bull cycles, so it's expected that this will continue to hold true. If the price hits $100,000, the next major Fibonacci level (2.618) would stand at $155,000.
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