Bitcoin Traders Bet on Rally Extension to $60K: Kiyosaki Forcasts $100k Soon

Bitcoin powered to its highest levels since December last week, topping out near $53,000.

And despite closing below major resistance, market trends indicate the rally may still have further to run – potentially all the way to $100,000 later this year.

Driving this renewed bullish momentum are positive macro developments like spot BTC ETF approvals alongside strengthening on-chain metrics.

TLDR

• Bitcoin topped out at $52,858 last week and derivatives data suggests traders expect further upside
• BTC open interest has held steady above $22 billion, signaling traders anticipate the rally extending
• BTC faces resistance around $53,000 based on historical accumulation trends before targeting $60,000
• Analysts see potential for BTC to reach $55,000 short-term, but predict greater hype for Ethereum and a possible ETF
• Author Robert Kiyosaki forecasted Bitcoin tapping $100,000 within the next 4 months

Chiefly, Bitcoin derivatives open interest from futures contracts has trended firmly above $22 billion in recent days based on data from Coinglass. Sustained speculative positions at these elevated levels imply traders expect additional upside. The last time open interest held above this mark back in April 2021 preceded a surge above $60,000.

Now with open interest tapping record highs, whales seem to be anticipating history repeating. If Bitcoin exchange-traded funds (ETFs) resume their buying spree next week, BTC could enter a breakout towards $60,000.

Past that threshold though, BTC faces selling pressure around $53,000 where about 295,000 BTC sits in loss-making positions from 2021’s peak, according to IntoTheBlock. Bulls must reclaim this heavy resistance point to generate momentum towards $60,000.

Further out, some pundits forecast even loftier targets. Renowned author Robert Kiyosaki of Rich Dad, Poor Dad fame predicts Bitcoin finally surmounting $100,000 within the next 4 months. This oft-cited price level has remained elusive since Bitcoin’s downfall from all-time highs in late 2021.

BITCOIN to $100k by June 2024.

— Robert Kiyosaki (@theRealKiyosaki) February 18, 2024

While Bitcoin garners the most headlines, analysts expect rival Ethereum to claim more mindshare in 2023 amid a potential ETH ETF approval by May.

Such a product would open Ethereum investment to millions of new U.S. retail participants. This plausibly supports recently bullish $5,000+ price forecasts for Ethereum from JP Morgan and other banks based on expanding ETH use cases.

Bitcoin has rallied back strongly in recent months, reclaiming $50,000 on its way possibly to $60,000 if derivatives traders successfully call the next leg higher. Mainstream ETF access combined with a favorable macro backdrop stoke hopes of Bitcoin finally reaching six digits in 2024 after its brutal downturn.

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