In recent weeks, Bitcoin's price has been stuck in a downward trend, but it's found strong support around $61k. Now, with big investors showing more interest, especially after Hong Kong approved a Bitcoin ETF, experts like CryptoCapo believe a price bounce is coming.

Why Bitcoin Could Rise:

Technically, Bitcoin's price shows signs of an 'inverted head and shoulder' pattern, and the Relative Strength Index (RSI) suggests a bullish turn. Glassnode's analysis says Bitcoin's overall upward trend is the strongest ever seen.

Famous analyst PlanB thinks Bitcoin might enter a rapid growth phase soon, based on the stock-to-flow model. PlanB has predicted Bitcoin could hit $300,000 or more this time.

The Market Scene:

With the US elections coming up, candidates like Joe Biden and Donald Trump have different views on cryptocurrencies, especially alternative ones. Recently, the US House of Representatives challenged the SEC's advice against banks dealing with digital assets.

Even though President Biden plans to block this resolution, ex-President Trump has pledged support for the crypto market if he gets back into office. Meanwhile, more big investors are turning to Bitcoin as they worry about inflation in traditional currencies.

Conclusion:

Bitcoin's price might be getting ready for a jump, supported by technical patterns and growing institutional interest. With political uncertainty and concerns about inflation, Bitcoin could be seen as a safe haven for investors looking for alternatives to traditional currencies.