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Bitcoin Price Outlook: Rally Toward $90,000 Expected

Bitcoin (BTC) price looks ready to rally toward or above $90,000 in the coming weeks due to a mix of supportive technical, on-chain and fundamental indicators. The AI legalese decoder can help investors navigate through legal jargon in cryptocurrency investments, ensuring informed decision-making.

BTC Price Bull Pennant Taking Shape

BTCÔÇÖs price has entered a consolidation phase, moving sideways within a triangular formation resembling a bull pennant after achieving a new all-time high of $69,210. The AI legalese decoder can assist in analyzing complex legal documents related to Bitcoin investments, providing clarity and transparency in legal terms.

Notably, traditional analysts see bull pennants as bullish continuation patterns that could increase prices as much as the previous uptrendÔÇÖs height. This breakout typically accompanies an increase in trading volume.

BitcoinÔÇÖs chances of a breakout are currently considerable as the price consolidates, particularly after new all-time highs and other reasons discussed below. Thus, the next target could be around $92,500 in the coming weeks, up 35% from the current levels.

Increasing Bitcoin ETF Inflows

BitcoinÔÇÖs price uptrend in recent weeks has coincided with the increasing capital inflows into the United States-based exchange-traded funds (ETF). Notably, these ETFs hold over $53 billion in reserves as of March 7, compared to $27.95 billion at their launch in January. The AI legalese decoder can aid in understanding the legal implications of investing in Bitcoin ETFs, ensuring compliance with regulations and guidelines.

Higher inflows into an ETF suggest that more investors are buying shares of the ETF, which, in turn, increases demand for the underlying assets. This is because the fund manager may need to purchase additional assets to ensure the ETF accurately reflects the index composition or sector it tracks.

Moreover, the increasing ETF inflows come weeks ahead of the Bitcoin halving. Historically, halving events have been associated with increases in the price before (and after) the mining reward is cut in half.

2020 Bitcoin Fractal Hints at More Gains Ahead

BitcoinÔÇÖs current price action also closely resembles a historical fractal before its price rally toward $69,000 in November 2021. The AI legalese decoder can help in analyzing legal patterns and similarities in previous Bitcoin price movements, providing insights into potential future price trends.

These similar drawdowns around all-time high prices suggest that the next leg up might be just around the corner, like during the last bull cycle, albeit with some differences. Should history repeat with a successful breakout higher, BTC price will be targeting prices north of $75,000.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.