Bitcoin (BTC) has recently recorded its highest monthly close in May, setting the stage for a potential major parabolic rally in the near future. After bouncing back from a previous weekly resistance level of around $104k, the flagship cryptocurrency is showing signs of a fresh rally on the horizon.
The recent liquidations in the crypto market have helped cool down the leveraged positions, paving the way for a possible bull run. Additionally, Bitcoin’s Futures Open Interest (OI) has been steadily increasing over the past two months, reaching around $71 billion on June 3, during the late-North American trading session.
According to on-chain data analysis by Santiment, a significant number of Bitcoin wallets holding between 10 and 10k BTCs have accumulated over 79,000 coins in the past week. This cohort now collectively holds a total of 13.57 million Bitcoin, indicating a strong bullish sentiment among larger holders.
Several companies have also been adopting Bitcoin as a treasury management tool, with Reitar Logtech planning to raise $1.5 billion to acquire BTC for its corporate treasury. This trend of corporate adoption is likely to further fuel the bullish momentum for Bitcoin in the coming weeks.
Looking ahead, Bitcoin price is expected to continue its upward trajectory, especially with positive developments in the tariffs negotiations by the United States. As the price of gold hints at a potential rally towards a new all-time high, Bitcoin is well positioned to follow suit.
From a technical analysis perspective, BTC price is on the verge of a major parabolic rally similar to the one seen in the summer of 2017. Crypto analyst Gert van Lagen predicts that Bitcoin price could reach $320k in the near future, especially after last month’s bullish confirmation.
Overall, the outlook for Bitcoin remains optimistic, with the potential for a significant rally in the near future. Investors and traders should keep a close eye on the market developments and be prepared for potential price surges in the coming weeks.