“Now is the accumulation phase”...Bitcoin, if it crosses 'here', it goes straight to $88,000

▲ Bitcoin (BTC)/AI generated image

Analysis is gaining traction that Bitcoin (BTC) is confirming strong support in the $78,000 range and building a foundation for entering the next upward phase.

Lark Davis, a cryptocurrency expert YouTube channel, analyzed the market outlooks of major experts in a video released on April 24 (local time), diagnosing that Bitcoin is at the beginning of a mid-to-long-term upward trend. Jurrien Timmer, Director of Global Macro at Fidelity, which manages $7 trillion in assets, stated, “Bitcoin has shown a significant rebound by recovering the $78,000 level,” adding, “The current phase is a process of building a support base for the next upward wave.” His prediction, which accurately pinpointed the bottom around $60,000 in the past, is highly trusted in the market.

Technical trends also lean towards upward potential. Tony Severino analyzed that a morning star pattern is forming on the monthly chart. This pattern is a representative reversal signal that also appeared in the 2022 bottom range. The weekly Relative Strength Index (RSI) showed a rebound signal by moving out of the oversold zone, and the Moving Average Convergence Divergence (MACD) also raised the possibility of forming a golden cross. The outlook is that if it breaks through $79,000 based on the daily closing price, there could be room for an ascent to $88,000.

Institutional fund inflows are also acting as a key factor supporting the downside. Eric Balchunas, Bloomberg's senior ETF analyst, recently stated that Bitcoin spot ETF fund flows have turned to net inflows across all tracking periods. BlackRock's IBIT maintains its position in the top 1% of the ETF market, demonstrating robust demand. The possibility of additional purchases by companies like Strategy also stimulates market expectations. Continuous fund inflows through ETFs help mitigate volatility and strengthen upward momentum.

The macroeconomic environment also continues to be favorable. The US manufacturing and services Purchasing Managers' Index (PMI) exceeded market expectations, indicating an economic expansion phase. There have been repeated instances where the cryptocurrency market showed strong upward trends when the ISM PMI surpassed 50. Signs of a shift in the gold-to-copper ratio suggest the possibility of funds moving from traditional assets to risk assets. The current economic cycle provides conditions that can sustain an upward environment until late 2026 to early 2027.

Signs of change are also being detected in the Ethereum (ETH) and altcoin markets. Ethereum has broken through its downtrend line and is attempting to recover the $2,400 resistance level. Arthur Hayes mentioned the possibility of a change in Ethereum's position due to the rise of AI-related assets, but long-term upward expectations are still maintained in the market. Meme coins like Pepe (PEPE) are also stimulating investors' risk appetite based on their high return potential.

With expanding market liquidity, institutional fund inflows, and technical reversal signals aligning, Bitcoin is being assessed as having entered an accumulation phase, preparing for the next upward wave.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*