Crypto trader Ali Martinez stated that if a scenario he outlined comes to pass, he believes Bitcoin would see a significant upswing.
Bitcoin eyes surge to $74,400
Martinez tweeted that Bitcoin is now breaking out of a triangular pattern that is symmetrical. The goal for Bitcoin is to break out above the top trend line. According to the expert, Bitcoin is expected to gain momentum and rise to the $74,400 price level if it properly closes over the resistance level at $69,330.
When the price of an asset experiences consolidation, two converging trend lines with opposing slopes that attempt to meet form a symmetrical triangle on the charts.
https://x.com/ali_charts/status/1797549291944444392
The world’s most popular cryptocurrency saw a 2% boost today, June 3, moving from $67,755 to $69,100, where it is now trading hands. 7.71% would be the price increase from the present level to the $74,400 listed above. The 2% increase came on the heels of an abrupt 2.19% drop on Friday.
Michael Saylor welcomes major new institutional Bitcoin investor
Michael Saylor, the prominent proponent of Bitcoin and the founder and executive chairman of MicroStrategy, the biggest corporate Bitcoin holder, has praised a new class of institutional investors on the X platform who are investing in Bitcoin through a spot ETF.
He posted a video in which he discussed the State of Wisconsin Investment Board’s significant cash inflow into shares of spot Bitcoin ETFs. The $180 million invested in the ETF is less than 1% of the $180 billion total value of the assets managed by this organisation.
https://x.com/saylor/status/1797535279278072302
According to David Krause, an associate professor at the Marquette University College of Business Administration, this investment will probably only be the beginning. According to Krause, the pension fund is now doing a trial run of this in order to gauge public opinion over the purchase of spot Bitcoin ETFs.
The professor thinks that until the fund decides to create a 1% or 2% stake in it, this purchase in the Bitcoin ETF will not significantly affect its entire investing strategy. Michael Saylor tweeted that “fiscally sound pension funds see the value of Bitcoin,” citing this video.
