Bitcoin prices have surged past $70,000, sparking renewed demand and interest. Despite some recent fluctuations, the trend remains upward. Analysts are predicting a potential 6X increase in Bitcoin's value, targeting $462,000 based on technical indicators.
Key indicators for this forecast include Bitcoin breaking key resistance levels and patterns observed in the Fibonacci extension levels, which have historically marked price peaks.
Although these forecasts are optimistic, they depend on various analyst interpretations and the subjective nature of Fibonacci levels. A consistent theme is that Bitcoin may achieve new all-time highs in Q4 2024.
Additionally, institutions are increasing their Bitcoin exposure through spot Bitcoin ETFs. Recently, substantial investments were made, with significant inflows noted, including $642 million in BlackRock's IBIT.
