Bitcoin Nears 3% Breakout to $117,000 as Crypto Market Surges 47%

Bitcoin and the broader cryptocurrency market are on the verge of a significant bullish breakout, potentially the most substantial yet. The price of Bitcoin is currently trading between the $108,000 and $110,000 range, showing strong resilience and growth. Several reputed crypto and Bitcoin analysts confirm that this breakout could be the most significant in crypto history.

As the crypto market enters the third quarter of the year, analysts have closely examined the market's performance so far. Initially, many expected altseason to kick off in the first quarter, with both Bitcoin and altcoins setting new all-time high prices in the following months. Some even predicted cycle top prices by the time the third quarter arrived. This may still be the case.

In detail, the first quarter of this year saw a prolonged correction phase, likely caused by Bitcoin setting an early all-time high record. This correction led to a healthier crypto market by the time the second quarter began. Since then, Bitcoin set a new all-time high, and the price of Ethereum finally bottomed and moved upwards.

Analysts are now looking at the crypto price charts for Bitcoin and altcoins and have concluded that significant price pumps in the third quarter are highly likely. Several analysts have shared many bullish indicators on the Bitcoin and altcoin price charts, all signifying a bullish pump in the coming weeks. Moreover, if Ethereum sets new highs, many expect the highly-anticipated altseason peak phase to follow.

A reputed crypto trader shares a bullish observation for Bitcoin, stating that the pioneer crypto asset is just 3% away from the most significant breakout in history. He says the crypto community should consider themselves either bullish or wrong, as it is the simple truth. In addition, he goes on to share what to expect next.

The trader also mentions that the crypto market is on the verge of a historical bullish breakout. Above the line highlighted in the post, he expects more than a parabolic advance, but rather a full-blown digital gold rush. He concludes by saying that the entire crypto market will pump with extreme velocity, meaning that every short position will get liquidated, and most will make incredible gains.

Bitcoin has surged by 47% since its April lows, trading just under 2% away from a major breakout point. This upward momentum is driven by a combination of factors, including institutional accumulation and technical indicators turning bullish. The Bitcoin Bull Score, a sentiment-based index, currently sits at 50, which is below the 60 level typically associated with upward momentum. However, analysts note that this index has historically been a leading indicator of market sentiment, suggesting that the current level could be a precursor to a more significant rally.

Institutional investors have been accumulating Bitcoin, as evidenced by recent on-chain analytics, which show a notable divergence between institutional and retail Bitcoin holdings. This institutional accumulation is seen as a key driver of the current bullish momentum. Technical indicators also support the notion of an impending breakout. Bitcoin is gearing up for a potential leap to $117,000, with technical indicators turning bullish. This potential breakout is further supported by the cryptocurrency's recent price action, which has shown signs of bullish momentum, including a double bottom pattern and a breakout above key resistance levels.

The broader cryptocurrency market is also experiencing a rally, with the total market capitalization hitting $3.31 trillion. This rally is driven by a combination of factors, including increased institutional interest and positive market sentiment. The recent surge in Bitcoin's price has also contributed to the overall market rally, as Bitcoin remains the largest and most influential cryptocurrency.