Pump Bull Run! Bitcoin Price At $71,000, Is Crypto Market On Track To Hit $3 Trillion?

The cryptocurrency market entered June on a bullish note following the Bitcoin price rebound from $67,000. The five-day rally took the asset from a two-week consolidation to areas above $70,000, reinforcing renewed recovery sentiment in the altcoin market.

In a recent analysis by Axel Adler Jr. of CryptoQuant, BTC’s recent sideways trend or low volatility move was likely the calm before the storm. The tweet points out that “the end of the low volatility period could be followed by a strong price movement, it can be concluded that the market is forming a new uptrend.”

Thus, the market could initiate a post-consolidation rally during which assets such as Bitcoin (BTC), Chainlink (LINK), and ORDI could provide suitable entry opportunities.

Furthermore, with more and more countries like America and Thailand launching their first BTC spot ETFGlobal adoption and influx are bullish on Bitcoin, with the broader crypto market poised for growth.

Read also: Crypto Prices Today, June 5: Bitcoin Surpasses $71,000, Altcoins ETH, SOL and Other Pumps Mimicking

1. Bitcoin Price (BTC)

The first digital currency Bitcoin has experienced notable uncertainty over the past two weeks, as evidenced by its consolidation within a triangular structure. The two trendlines converging as active resistance and support narrowed the BTC price gap to reclaim its bullish momentum.

Bitcoin Price| Commercial view

So, with BTC Facing a growing inflow into spot ETFs, the coin price rose from $65,970 to $70,951, registering a 5% rise over the past three days. Current data from Coinmarketcap shows Bitcoin’s market cap at $1.396 trillion, while 24-hour volume jumped 30% to $37.6 billion, reinforcing the bullish momentum.

WuBlockchain reports a remarkable inflow into Bitcoin spot ETFs, with a record $887 million on June 4, making it the second highest in history. The biggest contributors were Fidelity Bitcoin ETF with $379 million, BlackRock’s IBIT with $274 million, and Grayscale’s GBTC with $28.1957 million.

This spike, which brings the total asset value to $61.46 billion, reflects investors’ strong confidence in Bitcoin as a viable investment.

If the trend continues, the Bitcoin price prediction hints at a potential target of $75,000, followed by an extended rally to $88,000.

Read also: Bitcoin at $72,000 Sets $1.5 Billion Liquidation Cascade, Willy Woo Predicts What’s Next

2. Chain link (LINK)

LINK, the native cryptocurrency of the decentralized Oracle network Chain link entered rapid recovery momentum in mid-May after its reversal from $12.8. The bullish reversal sent the price up 49.5% to $19.2 before returning to a slight correction.

Chain Link (LINK)| Commercial view

Amid recent market uncertainty, Chainlink fell 9% from its previous high to seek support at $17.5. The 23.6% Fibonacci retracement level prevents further declines in LINK price.

Additionally, Santiment, a leading cryptocurrency analytics company, reported that Chainlink (LINK) was touted as the most actively developed cryptocurrency project in the real-world asset space.

This rating is based on non-redundant GitHub activity over the past 30 days, demonstrating Chainlink’s commitment to innovation and constant improvement with a substantial development activity score of 428.83.

With renewed buyer interest in the market, the LINK Price Prediction signals a swing from $19 resistance to suitable support and pursues potential targets at $20.7 and $22.8.

3. COMPUTER

The Ordinals Protocol is a recent innovation that integrates non-fungible tokens (NFTs) directly into individual satoshis on the Bitcoin network. This approach leverages the security and widespread adoption of the Bitcoin blockchain to store and transfer digital artifacts such as images, text, and other forms of media as unique digital items.

COMPUTER | Commercial view

A look at the daily price chart shows that the ORDI token has developed a famous bullish reversal pattern called inverse head and shoulders. On June 4, the coin’s price made a decisive breakout from the neckline resistance of $51.5, signaling a major reversal.

ORDI’s 24 Hours is up 154% to $483.2 million, showcasing supportive market players on the buy-side. If the bullish momentum persists, buyers break through the descending resistance trendline (blue line), strengthening its position to target $79.5 and $97.2.

However, if sellers defined the resistance trendline, the ORDI Price would risk a prolonged correction.

Take away

The cryptocurrency market began to anticipate renewed buying interest as the price of Bitcoin regained $70,000 on Tuesday. The altcoin market was quick to follow as several assets posted notable gains over the past 24 hours. With the growing inflow of spot ETFs and the BTC price approaching the previous high, the bullish momentum is expected to accelerate in the near term.

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