Bitcoin is predicted to reach $ 75,000 in the near future

The flagship cryptocurrency has been predicted to rise to $ 75,000 amid a surge in the popularity of BlackRock ETFs and market optimism. It is thanks to the growing institutional support that the price of BTC $60,817.02 Bitcoin -3.03% Market capitalization $1.2 trillion VOL. 24 hours $1.43 billion may reach $ 75,000 in the near future, analysts believe.

BlackRock’s iShares Bitcoin ETF (IBIT) has quickly become a heavyweight in the cryptocurrency market, accumulating more bitcoins than Сейлор" href="https://noworries.news/biography/majkl-dzh-sejlor/" data-bio-id="3672">Michael Saylor's MicroStrategy fund. In less than two months, IBIT’s holdings soared to 195,985 bitcoins, overtaking MicroStrategy.

This surge has put IBIT at the forefront of bitcoin investment products, indicating significant institutional interest in BTC that could drive its price further up.

Scott Melker, known as the Wolf of All Streets, predicts significant growth of bitcoin and the entire cryptocurrency market, warning of an approaching bubble. He suggests that even little-known cryptocurrencies may experience a surge, leading to a market correction.

In today’s analysis, the pivot point of bitcoin (BTC/USD) is at $ 67,315, and the nearest resistance levels are at $ 70,257, $ 74,069, and $ 77,891. On the other hand, support is at $ 64,861, followed by $ 62,192 and $ 59,380.

According to the CoinMarketCap analytical tracker, at the time of writing, the flagship virtual coin has crossed the $ 71,726 mark. The total number of coins circulating on the market amounted to $ 1.3 trillion. Traders executed daily trading transactions exceeding $ 41.3 billion, an increase of almost 60%. Bitcoin’s market share increased to 52.1%.