Bitcoin’s Daring Dance: Will It Reach $168K? 💰💃

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In the most recent hours, the esteemed Bitcoin has exhibited a most commendable recovery, as the bullish spirits set their sights upon the Global M2 supply and the delightful cup-and-handle pattern that has graced the daily chart. While some analysts, with their ever-pessimistic outlooks, predict a retracement below the $100K mark, the bulls remain steadfast, undeterred by the tumultuous affairs between Israel and Iran. How quaint! 😏

As the Global M2 Money Supply continues its ascent, it appears that Bitcoin is poised to reach yet another pinnacle of glory. This term, M2, encompasses the totality of money supply, including the trifles of M1 (cash and checking deposits), savings accounts, time deposits, and mutual funds. It is a well-known fact that when the global M2 money supply flourishes, Bitcoin tends to follow suit approximately twelve weeks hence. A most curious correlation, indeed! 📈

Meanwhile, our dear Bitcoin is forming a most charming cup-and-handle pattern upon the daily timeframe. The bullish formations, coupled with the rising M2, have undoubtedly kept investors, including those of the institutional variety, in high spirits. The inflows, as evidenced by the spot Bitcoin ETF data, continue to swell, even amidst the unsettling conflicts in the Middle East and the jitters surrounding US tariffs. How delightful it is to see optimism flourish! 🌍

Not to be overlooked, Bitcoin has rebounded with great aplomb from a recent calamity that resulted in over $1.2 billion in crypto liquidations. The price, having touched the pivotal 50-SMA, has emboldened traders with a bullish outlook for a further rally. The RSI, currently at 53 and on the rise, suggests that there remains ample room for Bitcoin to ascend before it finds itself in the overbought zone. How thrilling! 🎉

In this daily timeframe, Bitcoin is presently on an upward trajectory, likely to complete its charming cup-and-handle formation. Should it successfully breach its previous high, one might anticipate a rally to the astonishing sum of $168K, as dictated by the cup’s depth of 50%. A most ambitious endeavor, indeed!

However, it is imperative that Bitcoin maintains its position above the key resistance levels of approximately $107.2K and the psychologically significant $110K mark. Let us hope it does not falter! 🤞

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2025-06-16 11:01