Bitcoin ($BTC) Set for a Bullish Breakout

Crypto analysts at intelligence tracker Santiment have analyzed the crypto market and found that Bitcoin ( BTC ) could make another attempt to hit its all-time high. The analysis revealed the large volume creation of meme coins and institutional demand for long Bitcoin ( BTC ) calls on margin. Bitcoin ( BTC ) funds and Spot ETFs have injected fresh capital, pushing up the mean dollar invested age metric. Historically, periods of steep decline are considered a confirmation of a bull market, and reversals signal trend reversals in $BTC.

The crypto market capitalization rose 5.2% over the past seven days to $2.41 trillion, reaching its highest level in nearly four weeks over the weekend. Bitcoin ( BTC ) is currently treading near local highs, remaining just below 67K , an 8.4% gain in seven days. Despite the burgeoning risk appetite in global markets, demand for Bitcoin ( BTC ), Ethereum, and many altcoins is subdued. However, BTCUSD remains firmly above the 50-day moving average, indicating an upward trend.

Investors are more optimistic about Solana, whose price rose to its highest since early April at $177 24h. It may well reach the March highs before Bitcoin ( BTC ), acting as a more sensitive indicator of risk appetite in cryptocurrencies. Bitcoin would need to hit $93K to flip Silver right now.

Bitcoin ( BTC ) is currently the world's ninth-largest asset, trailing gold, Microsoft, Apple, Nvidia, Google, Saudi Aramco, Amazon, and silver. Gold has also distinguished itself, increasing 22.4% since Feb. 13, according to Trading Economics. It currently has a market cap of $16.4 trillion.

Industry pundits were split on how Bitcoin's price would move after notching a new all-time high in March. Analyst Dylan LeClair noted that Bitcoin tends to double within months of reaching new highs, particularly around halving events. Analysts at cryptocurrency trading platform Bitfinex predict Bitcoin could reach $150,000 over the next 12 months, with spot Bitcoin exchange-traded funds and the post-halving effect as the main drivers.

Technical Outlook
Bitcoin has formed a Bullish Flag pattern a move to $70k pivot will accentuate Bitcoin's next bullish streak. Additionally, Bitcoin ( BTC ) could stay in a “consolidation phase” between $55,000 and $75,000 pivot over the next month and potentially rise toward the end of the second quarter.