Bitcoin is exhibiting strong performance this year, outperforming traditional markets, and analysts predict further gains should it breach a critical resistance level. After being declared dead just months ago, crypto is up 15% on the year, trouncing the S&P 500’s measly 5% advance. Bullish determinants Campbell lists a number of developments that could propel Bitcoin prices much higher including favorable crypto regulations and macroeconomic trends. Bitcoin had been trading just above $107,800 on Monday afternoon. Technical analysts think that if it breaks past the $114,000 level, it could set off a major bull run.

Technical Indicators and Price Targets

Bitcoin’s price has classically exploded in the wake of halving events, which cut miners’ rewards in half. And Ed Campbell of Rosenberg Research wants you to know that $114,000 is the next big resistance level for bitcoin. If Bitcoin manages to breach this barrier, a bullish rally of as much as 25% up to $143,000 would likely ensue.

"While momentum may fade later this summer, a breakout now (or soon) would reinforce the bullish macro setup and could extend Bitcoin's leadership well into the second half of the year," - Ed Campbell

ETF Inflows and Regulatory Tailwinds

Against the backdrop of spot Bitcoin ETF launches in early 2024, the cryptocurrency market has been sent into a frenzy. Total cumulative monthly inflows have now exceeded $45 billion! Recent legislative efforts, including the introduction and passage of the Genius Act in Congress, seek to establish a regulatory framework for stablecoins. These advancements are great news for Bitcoin and its long term prosperity. Another factor that would help boost Bitcoin’s price is the decline of the US Dollar Index this year.

Macroeconomic Factors and Political Support

Expectations for the first interest rate cut next September are growing. As per the CME FedWatch Tool, this might have a major impact on Bitcoin’s path. BTC/USD pair with pro-crypto officials taking a newly appointed White House as an to! If Donald Trump appoints these types of leaders, they will take helpful actions, such as banning a US central bank digital currency and establishing a strategic Bitcoin reserve. In fact, some have even dubbed Trump a “crypto president” -businessinsider.nl

"Bitcoin is increasingly used to preserve wealth and ensure mobility," - Campbell and Rosenberg