Bitcoin Surges 24% in 30 Days, Analysts Predict $118,000

Bitcoin has recently experienced a significant rally, briefly hitting $100,000 in January and February before retesting previous support levels. The largest cryptocurrency by market cap has successfully sustained momentum above the $100,000 price level since it hit $103,969 on May 8, remaining above this threshold for 13 days. This sustained momentum has prompted key players to share their bullish price forecasts for Bitcoin.

Analyst Willy Woo recently highlighted his expectations for Bitcoin in the near term. Woo asserts that Bitcoin’s hitting a new all-time high is crucial for the asset to cross the $110,000 price mark and settle closer to the $120,000 price level. “Once BTC properly breaks all-time highs, the move to 118k will be very fast,” he wrote. Woo supported his prediction by explaining that Bitcoin experienced a structural flip in the latter part of April, resulting in a massive entrance of capital inflows into the Bitcoin market. “BTC is setting up for another break of all-time highs if the capital flow trend continues. It’s a solid long-term setup,” Woo asserted.

Bitcoin has attained a new all-time high after bulls successfully pushed the asset to $109,767, before it retreated to $108,878. The bulls appear to have the upper hand as buying pressure has notably surged over the past few days. Bitcoin most notably secured more than 24% and 5% in gains over the last 30 days and 7 days, respectively. With the new development in play, market participants are more bullish than ever for the near term. It remains to be seen how the bulls perform in the coming days.

According to the analyst's forecast, Bitcoin's price is nearing its all-time high, with a potential surge to $118,000 in the near term. The current price stands at $108,050, reflecting a significant increase in value. This prediction is based on the 1.618 Fibonacci extension, a tool commonly used in crypto forecasting, which suggests that Bitcoin could reach $135,000–$140,000 by the end of the year. The analyst's forecast is driven by the recent market trends and the overall bullish sentiment surrounding Bitcoin.

The analyst's prediction is supported by the fact that Bitcoin has achieved a new milestone, exceeding $2.1 trillion in market value. This surge in market value indicates a strong demand for Bitcoin and a growing confidence in its potential as a store of value. The analyst's forecast is also in line with the broader market trends, which have seen a significant increase in the value of cryptocurrencies in recent months.

The analyst's prediction is based on the assumption that the current market trends will continue, and that there will be no significant changes in the regulatory environment or the overall economic conditions. However, it is important to note that the cryptocurrency market is highly volatile, and there is always a risk of sudden price fluctuations. Therefore, investors should exercise caution and conduct their own research before making any investment decisions.

The analyst's prediction is also supported by the fact that Bitcoin has been gaining traction among institutional investors. The recent net inflow of $212 million into Bitcoin spot ETFs, continuing for 8 consecutive days, indicates that institutional investors are increasingly viewing Bitcoin as a viable investment option. This trend is likely to continue, as more institutional investors look to diversify their portfolios and hedge against inflation.

In conclusion, the analyst's prediction of a near-term price surge to $118,000 for Bitcoin is based on a combination of technical analysis, market trends, and institutional interest. While the prediction is optimistic, investors should be aware of the risks associated with investing in cryptocurrencies and conduct their own research before making any investment decisions.