Bull run bomb! Bitcoin Price at $71,000, Crypto Market on Track for $3 Trillion?

The cryptocurrency market entered June on a bullish note following Bitcoin’s price recovery from $67,000. The five-day rally lifted the asset from two week-long consolidations to reach 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 movement was likely the calm before the storm. The tweet highlighted “The end of the period of low volatility may be followed by a strong price movement, leading to the conclusion that the market is in the process of forming a new upward trend.”

Thus, the market could be beginning 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 BTC ETFsglobal adoption and entry are bullish for Bitcoin, with the largest crypto market poised to surge.

Read too: Crypto Prices Today, June 5: Bitcoin Surpasses $71K, Altcoins ETH, SOL and Others Copy Bomb

1. Bitcoin (BTC) Price

The main digital currency Bitcoin has witnessed notable uncertainty over the past two weeks, evidenced by its consolidation within a triangular structure. The two converging trendlines as active resistance and support narrowed the price spread in BTC to regain its bullish momentum.

Bitcoin Price | Trading view

So, with Bitcoin Witnessing an increasing flow of spot ETFs, the coin’s price jumped from $65,970 to $70,951, recording a 5% jump in the last three days. Current data from Coinmarketcap shows Bitcoin’s market cap at $1.396 trillion, while 24-hour volume jumped 30% to $37.6 billion, reinforcing the bullish momentum.

WuBlockchain reports a notable inflow into Bitcoin spot ETFs, with a record $887 million on June 4, marking it as the second largest 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 increase, bringing the total asset value 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 an extended rally to $88,000.

Read too: Bitcoin at $72K Sets $1.5B Liquidation Cascade, Willy Woo Predicts What’s Next

2. Chainlink (LINK)

LINK, the native cryptocurrency of the decentralized oracle network Chain link it entered a rapid recovery momentum in mid-May following its reversal from $12.8. The bullish reversal lifted the value 49.5% to $19.2 before reversing into a small correction.

Chain link (LINK)| Trading view

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

Furthermore, a leading crypto analysis firm, Santiment, reported that Chainlink (LINK) was highlighted as the most developed cryptocurrency project in the domain of real-world assets.

This assessment 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 Prediction signals a move from $19 resistance to adequate support and pursues potential targets of $20.7 and $22.8.

3. ORDI

The Ordinals Protocol is a recent innovation that embeds non-fungible tokens (NFTs) directly into individual satoshis on the Bitcoin network. This approach leverages 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 items.

ORDI| Trading view

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 currency’s price decisively broke resistance from the neckline pattern of $51.5, signaling a major reversal.

The 24 hours in ORDI rose 154% to $483.2 million, featuring buy-side support market participants. If the bullish momentum persists, buyers break the descending resistance trendline (blue line), strengthening their position to target $79.5 and $97.2.

However, if sellers set the resistance trendline, the ORDI Price would be at risk of prolonged correction.

To remove

The cryptocurrency market began to project renewed buying interest as the price of Bitcoin recovered $70,000 on Tuesday. The altcoin market quickly followed as several assets showed notable gains over the last 24 hours. With inflows into spot ETFs increasing and BTC price approaching its previous high, bullish momentum is expected to accelerate in the near term.

Related articles

Fuente