Bitcoin Stalls Above $70,000: Crypto Hedge Fund Manager Eyes $176,000 By 2026

Bitcoin stalled yesterday, pulling back lower temporarily before closing firmly. The result was a bar with a long lower wick pointing to rising demand at the day’s close. Whether buyers will continue adding to their longs, stacking in the hopes of breaking this week’s highs remains to be seen. Altogether, what’s clear is that the uptrend remains, and every low above $70,000 may offer entries for determined buyers targeting March 2024 highs. Interestingly, institutions are still in the equation, looking at inflows from spot Bitcoin ETFs over the last day. Although the number is lower than that seen on October 29, their involvement is a general sentiment booster.

The path of least resistance is northwards, with Bitcoin stable over the last day but up an impressive 8% in the previous week. Due to yesterday’s drop, engagement is also low, at around $39 billion. However, with bulls in charge, any uptick above $73,500 will be the primer for even more gains in the coming sessions.

The following trending Bitcoin news could shape price action today:

• Antony Scaramucci, a hedge fund manager and BTC commentator, thinks the world’s first crypto will soar to $176,000 by 2026. Many analysts also predict Bitcoin to breach $100,000 by the end of the year.
• Despite yesterday’s pullback, prices are within a breakout formation favoring bulls. Accordingly, every low may represent an undervaluation for buyers to load at a discount.

Bitcoin Price Analysis

BTC/USD is flat over the last day but the uptrend remains.

The immediate support is $70,000.

Conversely, traders can expect resistance at around $73,100.

Since the primary trend is upward, every low above the support and even inside the October 29 bar offers opportunities for buyers.

The next ideal target is $74,000 before Bitcoin moves to price discovery, perhaps to $100,000.