The price of the flagship cryptocurrency Bitcoin ($BTC) has surged by more than 60% so far this year in a rally that saw it hit a new all-time high above the $73,500 mark before enduring a correction that saw it drop below $66,000, a key support level.

According to popular cryptocurrency analyst Ali Martinez, Bitcoin has “established a solid support range” between the $64,750 and $66,700 levels as there are 382,000 addresses that hold more than 275,000 BTC – worth around $18.7 billion – at those levels.

Per the analyst it’s crucial to monitor these levels, as fi the price of Bitcoin beaks below them it could “shift the focus to the next significant demand zone between $60,760 and $62,790,” where 797,500 addresses have over 298,000 BTC worth over $20.2 billion.

The analyst added that to the upside, Bitcoin is facing stiff resistance as 533,300 addresses collectively hold 433,000 BTC between the $70,180 and $71,430 level, which could mean that if BTC’s price reaches or surpasses those levels these wallets could move to break even.

Bitcoin’s recent pullback came after the cryptocurrency reached a new all-time high for the fifth time in just seven days, and amid a broader risk aversion across financial markets, with investors opting for safer havens.

The recent inflation report, which came in higher than expected, intensified worries regarding the Federal Reserve’s approach to monetary policy. This has solidified the belief that the Fed might keep interest rates steady or increase them in an effort to rein in on inflation.

As reported, financial services firm Bernstein has initiated coverage of online trading platform Robinhood with an “outperform” rating and a price target of $30 per share, citing an anticipated “monster” cryptocurrency market cycle.

 Bernstein analysts predicted a “monster” crypto cycle, forecasting the total market capitalization to skyrocket to $7.5 trillion by 2025, nearly triple its current value of $2.6 trillion. This surge, the report argues, would translate into significant growth for Robinhood’s cryptocurrency revenue, potentially increasing by a factor of nine.

Bernstein’s bullish outlook extends beyond Robinhood, with projections for individual cryptocurrencies including Bitcoin’s market cap being expected to reach $3 trillion by 2025, up from its current $1.43 trillion market capitalization, which could mean BTC’s price would double by next year to over $150,000. Ethereum ($ETH), the second-largest cryptocurrency by market capitalization, was forecasted to hit $1.8 trillion.

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