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Since the beginning of February, the crypto markets have had an extremely bullish influence. The volume has been exceeding every day, indicating the massive involvement of the market participants. Now that the BTC price is consolidating within a very narrow range, it is expected that the token could replicate a previous price action soon. With this, the price could trigger a 25% jump and mark the highs beyond $75,000, but when?
The latest price action suggests Bitcoin has officially entered a bull market and is getting ready for another huge breakout. According to some reports, the OTC desk balances are running close to zero, which indicates that large institutions may again start to accumulate. Therefore, this could be a major reason to be bullish on Bitcoin, along with the fact that profit-taking activity has slashed heavily compared to that of the 2021 bull run.
The data from the glassnode suggests the recent surges at $40,000 and $50,000 milestones witnessed less intensity, with a single-day profit taking at $3.2 billion lower than 2021 peaks of $4 to $5 billion. This suggests the investors and the institutions are still holding regardless of the recent bullish price action, as they expect a larger profit in the coming days.
What’s next? When will the BTC price trigger a healthy upswing?
The BTC price looks ready for the next leg, as the funding appears to have been normalised while the rates for altcoins are pretty high. The price is consolidating within a narrow range, as it was around $50,000 to $52,000 for over 10 days in the previous month. Therefore, the Bitcoin (BTC) price is believed to consolidate between $61,000 and $63,000 for some time ahead, which may trigger a fresh bullish push beyond $70,000 in the coming weeks.
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