Bitcoin [BTC] Price Prediction: BTC Eyes $72K as Spot Bitcoin ETF Demand Outpaces New Supply

Bitcoin [BTC] has retested a key support level at $63,193.80. This level has previously acted as strong support, and the ability of the king coin to bounce from it suggested a potential bullish turnaround.

Bitcoin [BTC] price has shown signs of a potential bullish rally from a key support level at $63,193.80. This level has held strong in the past, and BTC’s ability to bounce off it suggests a positive price movement.

The price action indicates that Bitcoin has established a strong foundation for a potential bull run. At press time, BTC’s next significant support level lies at $71,972.46.

Bitcoin could potentially challenge its all-time high of $73,835.57 if the aforementioned resistance level is breached.

A number of bullish indicators support the upward trend. One key indicator is the rapid increase in demand for spot Bitcoin ETFs, which has outpaced the supply in this post halving period.

According to a recent tweet by crypto analyst Ali, this surge in demand indicates a strong accumulation phase.

The imbalance between the number of coins available and increased buying pressure has created a favorable environment for further price appreciation.

Another indication of the positive outlook is the momentum surrounding the Bitcoin Market Value to Realized Value (MVRV).

This indication, according to Glassnode, suggests a continuation of BTC 2024 as investors’ profitability remains positive. MVRV indicates a healthy market sentiment towards BTC in the long-term.

The same analyst had earlier reported that Bitcoin could rebound to $65,200 to liquidate $42.16 million in the short position. These predictions have now come to a pass.

At press time, the liquidation heat map shows a bullish bias in the market, indicating a potential bullish rally for the king coin.

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