Bitcoin, after experiencing a slight dip on a low-volatility Saturday, is currently consolidating above the $65,000 mark. This consolidation comes after a three-week rally driven by favorable macroeconomic events and increased inflows into Bitcoin ETFs. The question now is whether this bullish momentum is strong enough to break the 7-month sideways trend and mirror Nvidia’s 2024 rally.
If Bitcoin were to match Nvidia’s $3.2 trillion market cap, its price projection would be around $161,917 based on the current circulating supply of 19,760,059 BTC. This would represent a significant increase from its current level.
Looking at the technical analysis, Bitcoin’s current consolidation phase resembles a flag pattern, similar to what Nvidia displayed before its 256% surge in 2024. If Bitcoin follows a similar pattern and experiences an upside breakout, a 200% growth could push its price to around $160,000.
Overall, with institutions increasingly investing in Bitcoin ETFs and the broader market’s accommodating monetary policies, Bitcoin’s price is poised for a potential breakout from its consolidation phase. If it were to reach Nvidia’s peak market cap of $3.2 trillion, the price could spike to approximately $161,917.
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