Key Points
- Bitcoin’s price is expected to reach a new all-time high due to bullish trends and US Congress’s support for crypto adoption by banks.
- Bitcoin whales are also anticipating a new high, with 15,907 wallets holding at least 100 coins.
The price of Bitcoin (BTC) has been demonstrating a bullish outlook, trading around $66,410 at the time of writing, suggesting that a new all-time high is on the horizon.
The digital currency has consistently closed above the 50 daily Moving Average for the past three days, a positive sign following a two-month crypto correction period.
Bitcoin Whales Expecting New High
Santiment, a market intelligence platform, has reported that there are currently 15,907 Bitcoin wallets holding at least 100 coins, with Bitcoin whales holding an impressive 11.79 million coins.
This comes amid a decline in balances on centralized exchanges. Trading volume of US-based spot Bitcoin ETFs has also surged recently, with significant cash inflows.
Moreover, Grayscale’s GBTC has considerably reduced its daily Bitcoin sell-offs. According to first-quarter earnings reports, 937 financial institutions purchased Bitcoins through the recently approved spot BTC ETFs.
In a significant move for the crypto industry, the United States Senate unanimously approved the CRA that overturned SAB 121, which previously prevented banks from holding clients’ crypto assets.
This decision, supported by both sides of the political spectrum, indicates a growing interest and demand for digital assets in the United States.
Implications for Bitcoin’s Price
From both a technical and fundamental perspective, Bitcoin’s price is well-supported to rally further in the coming months.
Less than a month since the fourth Bitcoin halving event, the digital currency has been retesting 2021’s all-time high, suggesting a super cycle is underway.
According to crypto analyst Captain Faibik, Bitcoin’s price has been forming a bullish pennant flag pattern, leading him to believe that the price will reach $86K soon.
However, he highlighted that Bitcoin’s price must consistently close above $68K in the coming weeks to validate the bullish uptrend.
