Bitcoin Prices Break Above A Supertrend, Analyst Now Expects A BTC “Mania”
Summary
Bitcoin has surged above $60,000 due to institutional demand, with predictions of reaching $70,000. The breakout above the 7-week Supertrend indicates a rapid shift in demand. Institutions like Fidelity and BlackRock have been buying large amounts of BTC. The approval of spot Bitcoin ETFs has led to a total of 746,361 BTC controlled by Wall Street players. This surge in demand has also contributed to the total market cap rallying above $2.2 trillion for the first time since Q4 2021. Bitcoin's rally is expected to continue ahead of halving, making BTC more scarce.
