Bitcoin Hits Record High of $73,800, Bulls Eye $180,000
Bitcoin, the world's largest cryptocurrency, has hit a record high of $73,800, marking a significant 73% rise from its previous low. Analysts project its price could surge to $180,000, a 74% increase from current levels. Market sentiment is bullish, with investors showing 'greed' and driving net inflows of $6.4 billion into US-based spot Bitcoin ETFs over the past four weeks.
Bitcoin's price action has formed a bull flag pattern on the weekly timeframe, suggesting a substantial price surge. Despite recent retreats, market optimism is high, and Bitcoin is poised to resume its 2025 bull run. Short-term holders (STHs) are still profitable and not booking profits, as indicated by CryptoQuant's SOPR. This, coupled with global market moves like the 'Sell America' trade, is expected to boost alternatives like cryptocurrencies.
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With a Bitcoin Fear and Greed Index score of 74, indicating 'greed' in the market, and a projected upper target of $180,000, Bitcoin's price is likely to continue rising toward new all-time highs. Market participants remain optimistic about the cryptocurrency's prospects, driving significant net inflows into Bitcoin ETFs.
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