Bitcoin’s Next Big Price Targets Revealed as Analysts Expect Fresh Rally

Bitcoin’s price moves took a massive turn for the better in the past 24 hours, as the asset finally broke above the coveted $70,000 resistance and tapped a new monthly peak at $74,000.

In this article, we will review some potential reasons behind this rally and outline the next price targets for the cryptocurrency, according to prominent analysts.

The Why?

In a recent post on X, Ali Martinez first laid out the most probable reasons behind the asset’s impressive surge that drove it higher by well over six grand yesterday. Moreover, reaching $74,000 meant that BTC had gained $11,000 since the Saturday low when the strikes between the US, Israel, and Iran began.

The analyst named the ETF flows as the first reason, given the substantial change in investor behavior. Data from SoSoValue paints a clear picture, as the spot Bitcoin ETFs were deep in the red for five consecutive weeks from the one that ended on January 23 to the one that ended on February 20. Within this timeframe, they withdrew nearly $4 billion worth of BTC.

However, they began to pour money in last week (ending on February 27), with $787 million in net inflows, and $683 million has entered the funds in just three trading days during the current one.

However, there’s some discrepancy when it came down to the numbers for this week. While SoSoValue shows $683 million in net inflows, Martinez’s data suggests the value was higher ($789 million), while FarSide claims the actual flows were a whopping $1.145 billion. Nevertheless, even if we take the most modest amount, it still represents a clear shift in investor dynamics.

The two other possible reasons could be related to the ending of the extended Chinese holidays, as well as increased levels of spot buying shown by the BTC CVD indicator – mostly from whales, and not retail.

Next Targets?

Martinez also indicated that BTC had reclaimed an important resistance at $70,685, which was a major cluster. He now believes there’s a very light supply between $72,000 and $81,000, calling it “open air in that range.”

The Wolf Of All Streets outlined the significance of the $74,000 level, calling it a “mega technical resistance.”

CryptoWZRD also weighed in on BTC’s recent performance, indicating that it closed bullish. The analysts noted that another move higher is “likely” unless “we face a major geopolitical shift.”

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