Bitcoin has surged past the significant $70,000 mark, reaching near $72,000, a resistance level last seen in June 2024. This breakthrough combined with a recent descending wedge suggests that historically lower lows may be ending, according to market analysts. The mood among buyers is positive, evidenced by a CoinMarketCap poll where over 70% believe Bitcoin will continue rising.
Market participants are responding to this momentum by engaging in leveraged positions in futures markets or purchasing on spot markets to ensure they capitalize on potential gains despite the risks involved. Confirmation of these gains could propel Bitcoin further, potentially breaking key levels like $72,000 or $74,000 witnessed previously in March 2024.
Historically, halving events, which reduce miner rewards, have resulted in bullish trends for Bitcoin. Notable price rallies were observed following halvings in 2016 and 2020, reaching new peaks in the subsequent months. With the latest halving in April 2024, expectations are high for continued growth driven by increasing hash rates and demand.
