Bitcoin Eyes Explosive Breakout as Analyst Predicts Price Surge

Bitcoin's price has been hovering around $65,000 after a prolonged correction from its record high of over $126,000 last year. Despite this, analysts believe that the cryptocurrency is primed for an 'explosive' breakout.

DonAlt, a popular analyst, recently published a weekly chart showing Bitcoin's consolidation phase and suggested that it looks like it 'wants to explode.' He claims that the current level preventing a price increase is not a serious obstacle and that investors only need a 'tiny push' for the price to move up to $72,900.

Meanwhile, retail traders are experiencing extreme pessimism, which DonAlt believes is actually a bullish signal. This sentiment is in contrast to institutional investors who are aggressively buying Bitcoin, with over $850 million in net inflows over the past five trading days.