Bitcoin BTC’s Daily Volume Surge 41% In One Day; A Sign of Bulls’ Return?

Bitcoin BTC's recent 41% surge in daily trading volume in just one day has caught the attention of investors worldwide. Market participants believe the sudden spike in daily trading volume could signify renewed interest in Bitcoin. Analysts have made bold predictions, some projecting a peak of $150,000 in the coming months.

Bitcoin recently rallied to the $65,000 threshold following its decline from its all-time high to $58,000 shortly after the halving. As of 06:43 AM EST, Bitcoin is trading at $64,000, up by over 4%, with a 24-hour trading volume of over $30 billion, according to CoinMarketCap data.

Could this uptick in trading volume signal a bullish trend, potentially propelling Bitcoin to new heights?

Analysts Remain Bullish on Bitcoin, Predicting $150,000 Target Despite Recent Increased Volatility

Gautam Chhugani and Mahika Sapra, analysts at investment research firm Bernstein, have doubled down on their $150,000 prediction for Bitcoin (BTC) this bull cycle. The analysts believe that Bitcoin metrics indicate a healthy cycle in its early phase.

In the analyst's view, the recent dip in Bitcoin's price was needed to fix the problem of too much leverage on futures contracts on trading platforms. This view aligns with Standard Chartered Bank Geoff Kendrick's recent remarks. Kendrick says getting rid of too many borrowed positions has made it easier for the crypto market to rebound.

Bernstein analysts cited several encouraging factors that support their bullish stance. They see more Bitcoin ETF inflows in the United States, reasonable transaction fees, steady mining power after halving, cheaper equipment, and companies buying Bitcoin to add to their reserves.

Interestingly, US spot Bitcoin ETFs recorded over $378 million in inflows on Friday, breaking a seven-day outflow streak. Grayscale's GBTC, known for more outflows than inflows, recorded $63 million in inflows for the first time in many weeks.

Gautam Chhugani and Mahika Sapra view this as a significant improvement in the market because the other nine funds have been taking the funds that were leaving GBTC. This means fresh capital is coming into the market.

For investors, Bernstein's analysis could be seen as a positive signal, reinforcing the belief that Bitcoin's long-term trajectory remains bullish despite short-term volatility. Meanwhile, these analysts are not the only ones bullish on Bitcoin. Fundstrat's Tom Lee shares a similar sentiment.

Prominent Analyst Tom Lee Maintains $150,000 Bitcoin Price Target for 2024

Tom Lee, Fundstrat co-founder, said on CNBC's Squawk Box" that Bitcoin could hit $150,000 in 2024. Lee says Bitcoin is still starting its bull run, so he's hopeful about its future price.

Lee said, The idea that it could get to $150,000 is still within our base case." This statement comes as Bitcoin is currently hovering around the $64,000 level, having given up some of its recent gains.

Previously, Lee expressed his view that the April turmoil was misleading the market, as he discussed with American investor Anthony Scaramucci. He also said that Bitcoin ETFs are great because they let people invest in Bitcoin without having to manage private keys. They introduce fresh funds to Bitcoin.

Also, Lee thinks Bitcoin could be worth much more in the next five years, possibly reaching $500,000.

Tom Lee's analysis and predictions could provide investors with reassurance and confidence in Bitcoin's long-term potential. His reputation as a renowned analyst in the cryptocurrency space adds weight to his $150,000 price target for 2024.

Bitcoin Price Analysis: Bullish Momentum Builds, Potential Target Above $70,000

On the daily chart, Bitcoin (BTC) displays bullish momentum, as reflected by the formation of green candles. Various technical indicators further support this bullish sentiment.

Firstly, Bitcoin has risen above the 20-period line, representing the middle Bollinger Band line. Previously, BTC was trading below this level, but strong buying pressure pushed it above, signaling a potential shift in market dynamics.

The Relative Strength Index (RSI) is currently at 50, indicating a neutral position. An RSI value above 50 generally suggests that the asset is neither overbought nor oversold, leaving room for further upside potential.

Additionally, Bitcoin trades above the 200-day SMA line, a significant indicator of long-term bullish momentum. The asset is approaching the 50-day SMA line, highlighting the active buying pressure from bulls over the past few days.

The MACD is above its signal line, which suggests the bullish momentum is gaining strength.

The chart reveals a fair value gap (FVG) around the $61,000 region for investors seeking an entry point. Investors may consider waiting for a potential drop toward this level to optimize their entry. If the market returns from this support level, the target could be above $70,000.

However, while these indicators and the FVG suggest a bullish outlook for Bitcoin, the cryptocurrency market is highly volatile. So, apply proper risk management to stay safe.

Dogeverse Presale Skyrockets, Raising Over $13 Million in Crypto Frenzy

The highly anticipated Dogeverse (DOGEVERSE) presale is taking the cryptocurrency world by storm, as it has already raised an impressive $13 million. Despite the recent lackluster crypto market performance, the DOGEVERSE has generated a massive following of nearly 12,000 Twitter users.

Dogeverse has created cutting-edge features that allow anyone to access the project on different blockchains, including Ethereum, BNB Chain, Polygon, Solana, Avalanche, and Base.

This innovative approach allows users to swap tokens easily. This feature lets users try different DeFi opportunities and cross-chain functionalities via the Wormhole bridge.

Dogeverse's ability to work with many blockchains means it has multiple utilities, which has caught investors' attention.

As the presale continues gaining momentum, investors await the upcoming Dogeverse token listings on decentralized (DEX) and centralized (CEX) platforms. These listings are expected to be significant events, potentially driving further excitement and interest in the project.

With its unique approach and rapidly growing community, Dogeverse is positioning itself as one of the hottest meme coins of 2024.

Priced at $0.00031, DOGEVERSE has raised over $13 million out of its $17 million hard cap, meaning the presale may end soon. Visit the official site to purchase using ETH, USDT, or a bank card.

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