Bitcoin (BTC) Headed for $75K as Three-Week Winning Streak Sparks Hopes of a Major Price Surge

Bitcoin has just completed its first three-week winning streak since February, sparking hopes of a major price surge.

Bitcoin (BTC) price is showing signs of slowing down in its ascent, currently trading down 1.63% at $64,490. However, the broader market sentiment remains bullish, with Bitcoin completing its first three-week winning streak since February.

As BTC marks three weeks of gains, some traders are setting their sights on $75K, while others anticipate even higher levels.

Bitcoin 3-Week Winning Streak Sparks Hopes of $75K

Bitcoin has just completed its first three-week winning streak since February, igniting hopes of a substantial price surge. Over the past week, BTC price rose by 3%, adding to the 7% increase seen in the previous two weeks.

Now, traders are expecting a big jump, with many placing bets on Bitcoin reaching $75K. On the crypto trading platform Deribit, there has been a surge in traders buying call options at the $75,000 strike price.

A call option gives traders the right to buy Bitcoin at a set price later on, and this spike in activity suggests confidence that prices are heading higher. Many investors are also selling put options, showing less concern about BTC dropping in price.

Analyst Peter Brandt Sees Major Breakout Coming

Veteran analyst Peter Brandt has observed Bitcoin’s price movement closely, identifying a key chart pattern known as the "expanding triangle." This six-month corrective trend, according to Brandt, might be close to breaking.

If BTC breaks through the $75,000 level, it could mark the continuation of the broader uptrend that started in October 2023, when prices were below $30,000.

Bitcoin ($BTCUSD) continues to be in a sequence of lower highs and lower lows. Only a meaningful close above the Jul highs would change this sequence and official complete the 6-month expanding triangle pic.twitter.com/GaSBWZRoE6

Meanwhile, Greg Magadini from Amberdata explains that this pattern indicates traders expect a breakout soon. If Bitcoin can smash through the $75,000 level, it could trigger a swift rally, potentially sending BTC to new highs around $100K by the end of 2024.

Bitcoin ETFs Continue to Attract Big Money

In other news, U.S.-listed Bitcoin ETFs have seen strong inflows, with SpotOnChain reporting $494 million in net investments. Leading the pack is ARK 21Shares, which brought in $203.1 million, followed by other major funds like FBTC and GBTC.

Adding to the bullish case, the U.S. Food and Drug Administration (FDA) has approved a new diabetes drug from Eli Lilly (NYSE:LLY), boosting the company's shares by 3%. The broader market also seems to be responding positively to the news.

Overall, with growing institutional interest, bullish technical signals, and rising market confidence, Bitcoin could be gearing up for a massive breakout.

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