Despite facing intense selling pressure, Bitcoin has managed to hold steady above $60,000. This resilience has caught the attention of one analyst, @el_crypto_prof, who is optimistic about a potential price surge based on the BBWP indicator's recent development.

Buy Signal Flashes Green

The analyst pointed out that the BBWP indicator has printed a "blue bar" on the daily chart, which historically suggests that prices may be gearing up for a strong upward trend in the coming weeks. This signal has been seen twice before, in October 2023 and January 2024, and both times it preceded significant price increases of around 80%.

Uptrend Remains Intact

The analyst's confidence is further boosted by the fact that the bullish trend line remains unbroken. This has led the trader to predict that Bitcoin could break through immediate resistance levels and reach as high as $100,000. However, it's important to note that technical indicators like the BBWP can be lagging and rely on past price actions to generate signals.

Market Factors Weigh In

Despite the optimism, Bitcoin's upward momentum has slowed down in recent months. Market-wide factors, such as reduced inflows into spot exchange-traded funds (ETFs), have contributed to this slowdown. Mike Novogratz, CEO of Galaxy Digital, expects Bitcoin prices to continue ranging between $55,000 and $75,000 in the short term, with a possible break higher by the end of Q2 2024.

Institutional Adoption Grows

Novogratz also highlighted the growing adoption of Bitcoin among institutions, which is a positive sign for the sector. This development is further supported by Vanguard's appointment of Salim Ramji, a former BlackRock executive who oversaw the launch of BlackRock's Bitcoin ETF earlier this year. While it's unclear if Vanguard will reconsider its stance on Bitcoin or initiate plans for a spot Bitcoin ETF, the community sees Ramji's appointment as a positive step.