Pump for the bull riding! Bitcoin Price at $71,000, Crypto Market En route to $3 Trillion?

The cryptocurrency market entered June on a bullish note following Bitcoin’s price rebound from $67,000. The five-day rally lifted the asset from two one-week consolidations to hit areas above $70,000, reinforcing renewed recovery sentiment in the altcoin market.

In a recent analysis by Axel Adler Jr. of CryptoQuant, BTC’s recent sideways trend or low-volatility move was likely the calm before the storm. The tweet highlighted “The end of the low volatility period may be followed by a strong price movement, it can be concluded that the market is about to form a new uptrend.”

Therefore, the market could initiate a post-consolidation rally during which assets such as Bitcoin (BTC), Chainlink (LINK), and ORDI could provide suitable entry opportunities.

Furthermore, with more countries like America and Thailand launching their first Spot ETF on BTCGlobal adoption and inflow is bullish for Bitcoin, with the broader cryptocurrency market poised to surge.

Read also: Cryptocurrency prices today June 5: Bitcoin surpasses $71,000, Altcoins ETH, SOL and others imitate the pump

1. Bitcoin (BTC) price.

The leading digital currency Bitcoin the last two weeks have seen considerable uncertainty, highlighted by its consolidation within a triangular structure. The two trend lines converging as active resistance and support narrowed the price spread in BTC to regain its bullish momentum.

Bitcoin Price | Tradingview

So, with Bitcoin Witnessing a growing inflow of spot ETFs, the coin’s price jumped from $65970 to $70951 to register a 5% jump in the last three days. Current data from Coinmarketcap shows that Bitcoin’s market capitalization stands at $1.396 trillion, while 24-hour volume rose 30% to $37.6 billion, strengthening the bullish momentum.

WuBlockchain reports a notable influx of spot Bitcoin ETFs, with a record $887 million on June 4, marking the second-highest value in history. The top contributors were Fidelity Bitcoin ETF with $379 million, BlackRock’s IBIT with $274 million, and Grayscale’s GBTC with $28.1957 million.

This spike, which brought the total value of assets to $61.46 billion, reflects investors’ strong confidence in Bitcoin as a viable investment.

If the pattern holds, the Bitcoin price prediction suggests a potential target of $75,000, followed by a sustained rally to $88,000.

Read also: Bitcoin at $72,000 triggers a $1.5 billion liquidation cascade, Willy Woo predicts the future

2. Jersey (LINK)

LINK, the native cryptocurrency of the decentralized Oracle network Chain shirt entered a rapid recovery momentum in mid-May after reversing from $12.8. The bullish reversal lifted the rate 49.5% to $19.2 before reversing course with a small correction.

Shirt (LINK)| Tradingview

Amid recent market uncertainty, Chainlink fell 9% from its previous high to seek support at $17.5. The 23.6% Fibonacci retracement level prevents future declines in LINK price.

Additionally, Santiment, a leading crypto analytics firm, reported that Chainlink (LINK) has been highlighted as the most actively developed cryptocurrency project in the realm of real-world assets.

This rating is based on non-redundant GitHub activity over the past 30 days, demonstrating Chainlink’s commitment to innovation and constant improvement with a substantial development activity score of 428.83.

With renewed buying interest in the market, the LINK price forecast signals a flip of the $19 resistance into adequate support and chases potential targets of $20.7 and $22.8.

3.ORDERS

The Ordinals protocol is a recent innovation that embeds non-fungible tokens (NFTs) directly into individual satoshis on the Bitcoin network. This approach takes advantage of the security and widespread adoption of the Bitcoin blockchain to store and transfer digital artifacts such as images, text, and other forms of media as unique digital objects.

ORDER| Tradingview

A look at the daily price chart shows that the ORDI token has developed a famous bullish reversal pattern called an inverted head and shoulder. On June 4, the price of the coin decisively broke out of the $51.5 neckline resistance, signaling a major reversal.

The 24-hour ORDI rose 154% to $483.2 million, showing supportive market participants on the buying side. If the bullish momentum persists, buyers will break the downside resistance trend line (blue line), strengthening its position and targeting $79.5 and $97.2.

However, if sellers defined the trend line of resistance, the ORDER price they would run the risk of a prolonged correction.

Take away

The cryptocurrency market has started to show renewed buying interest as the price of Bitcoin regained $70,000 on Tuesday. The altcoin market was soon followed as several assets showed notable gains over the past 24 hours. With the increasing inflow of spot ETFs and the closing distance of BTC price from the previous high, the bullish momentum is expected to accelerate in the near term.

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