Bitcoin (BTC) is currently hovering and consolidating above the $70,000 mark, partly buoyed by a slowdown in outflows from spot exchange-traded funds (ETFs). With the cryptocurrency having recently shattered two record highs within days, all eyes are on its potential for yet another historic milestone.
In this regard, TradingShot, a crypto trading expert, shared insights in a TradingView post on March 30. According to the analysis, Bitcoin’s technical indicators strongly point to a bullish immediate price target that could pave the way for a new record high of $78,000.
Bitcoin price analysis chart. Source: TradingView
The analyst pointed out that Bitcoin is mirroring a fractal pattern observed in the S&P 500 index, albeit in different time frames. While Bitcoin operates on a four-hour time frame, the S&P 500 analysis is on a weekly time frame.
Bitcoin seven-day price chart. Source: Finbold
In addition to the factors surrounding the upcoming halving and ETF flows, the current price of Bitcoin remains susceptible to decisions made by the Federal Reserve regarding interest rates.
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