Greed

Birb

Bitcoin ETF

Bitcoin

Momentum

Bitcoin (BTC), the largest cryptocurrency in the market, has experienced price volatility amid its struggle to consolidate above the crucial $70,000 resistance line. Recent <a href="https://bitcoinist.com/bitcoin-below-68000-reports-of-mt-gox-payouts/" target="_blank" rel="noopener nofollow">reports </a>of the collapsed Mt.Gox exchange processing payouts to its creditors have added to the cautious sentiment.&nbsp; 
However, wealth management firm Bernstein remains bullish, predicting significant growth in the Bitcoin ETF market and projecting <a href="https://www.newsbtc.com/news/next-big-move-for-bitcoin-analysts-predict-a-potential-breakout-at-71500/" target="_blank" rel="noopener ">higher price targets</a> for BTC.&nbsp; 
In addition, The Birb Nest’s technical analysis reinforces market optimism, highlighting key support levels and indicating positive sentiment.&nbsp; 
<h2 id="long-term-bullish-outlook-for-bitcoin">Long-Term Bullish Outlook For Bitcoin</h2> 
Despite its recent inability to breach the $70,000 resistance level, Bitcoin remains well-positioned to surpass its all-time high of $73,700 reached on March 14. Wealth management firm Bernstein <a href="https://x.com/WuBlockchain/status/1795439643242213695" target="_blank" rel="noopener nofollow">predicts </a>substantial growth in the Bitcoin ETF market, estimating it to reach a remarkable $450 billion.&nbsp; 
The report also suggests that over $100 billion will flow into crypto ETFs within two years. Notably, these inflows into the ETF market are expected to be a significant price catalyst for BTC. The firm predicts a target price of $90,000 for Bitcoin by the end of this year and a projected <a href="https://www.newsbtc.com/news/bitcoin/bollinger-bands-inventor-bitcoin-pullback/" target="_blank" rel="noopener ">cycle high</a> of $150,000 in 2025. 
On the other hand, The Birb Nest, a trading firm, conducted a comprehensive technical analysis of the Bitcoin market and highlighted its share of bullish indicators for the Bitcoin price in the long run.&nbsp; 
<h2 id="bullish-indicators-reinforce-market-optimism">Bullish Indicators Reinforce Market Optimism</h2> 
The <a href="https://x.com/TheBirbNest/status/1795169609814798848" target="_blank" rel="noopener nofollow">analysis </a>conducted by The Birb Nest shows that the 50-week and 200-week simple moving averages (SMAs) are at $43,950 and $35,358, respectively, reinforcing optimism in the market. In addition, the 7-week SPX correlation coefficient is currently at 0.36, which is a bullish sign for BTC.&nbsp; 
The 200-day Bitcoin Production Cost (BPRO) trend support is $62,580, while the 200-day SMA support is $53,516. The <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-consolidates-3650/" target="_blank" rel="noopener ">Relative Strength Index</a> (RSI) is at 59, indicating increased buying interest, although the 50-day Momentum is stalled at 49.&nbsp; 
The Fear &amp; Greed Index stands at 74, indicating “greed” and strong market optimism. However, according to the firm, caution is advised to avoid potential overextensions.&nbsp; 
However, The Birb Nest notes that the Net Unrealized Profit and Loss (NUPL) indicator stands at 0.57, suggesting that a significant portion of the market is currently profitable, which could lead to increased selling pressure as investors capitalize on profits.&nbsp; 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/sMf48Etd/" alt="Bitcoin " width="1815" height="858"> 
Currently, BTC is trading at $67,900, down 3% from Monday’s price and over 3% in the past seven days, showing the cryptocurrency’s struggle to break above higher resistance levels, which are located at $69,500 and $70,000 on the BTC/USD daily chart.&nbsp; 
Conversely, bulls must hold the next support levels for BTC at $67,000, $66,500, and $63,800 to avoid a potential loss of the cryptocurrency’s key $60,000 milestone.&nbsp; 
Featured image from Shutterstock, chart from TradingView.com&nbsp;

Bullish Outlook: Target Price Of $90,000 For Bitcoin By Year’s End, According To Bernstein

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