Bitcoin (BTC) has been consolidating in a narrow range recently, reaching highs near $71,935 before encountering significant resistance. As of Thursday, BTC was trading around $68,000, reflecting an 8% decline from its peak earlier this year.

Industry analysts remain overwhelmingly bullish on Bitcoin's prospects, with prominent figures delivering optimistic price forecasts. Cathie Wood of Ark Invest revised her long-term price target to a staggering $3.8 million in April, solidifying her position as one of the most bullish voices in the investment community.

Michael Novogratz, the billionaire founder of Galaxy Digital, expressed a more conservative yet bullish outlook, predicting Bitcoin to close the year at $100,000.

Adding to the chorus, CryptoCon, in a recent X post, projected a year-end price target of $91,539 for Bitcoin, highlighting widespread optimism in the crypto sphere.

Several factors have been identified as key catalysts supporting bullish sentiment around Bitcoin. Firstly, institutional adoption continues to grow, evident in the performance of spot Bitcoin ETFs, which now hold more than 880,000 BTC valued at over $60 billion. Moreover, companies like MicroStrategy are actively accumulating additional Bitcoin holdings.

Secondly, Bitcoin's supply growth has been constrained following the recent halving event, leading to reduced production by mining companies. CleanSpark, Riot Platforms, and Marathon Digital all reported declines in Bitcoin production from April to May, reflecting the impact of reduced mining rewards.

Simultaneously, Bitcoin balances on exchanges have been declining steadily over recent months, indicating shrinking supply availability against rising demand, a bullish signal for price appreciation.

Thirdly, regulatory clarity in the United States is bolstering confidence in Bitcoin's future, potentially paving the way for large financial institutions like JPMorgan and Goldman Sachs to offer custody solutions for cryptocurrencies.

Bitcoin's appeal as an alternative to traditional currencies is also growing amid concerns over expanding public debt and unlimited supply of the US dollar. Unlike fiat currencies, Bitcoin operates on a decentralized network with a fixed supply limit of 21 million coins, enhancing its attractiveness as a store of value.

Technically, Bitcoin's daily chart presents mixed signals. On the positive side, it has consistently held above the 50-day and 100-day Exponential Moving Averages (EMA), while forming an inverse head and shoulders pattern, typically indicative of bullish momentum. Breaking above the year-to-date high could signal a bullish breakout towards $80,000.

Conversely, a recent double-top pattern forming around $72,000 suggests potential bearish pressure. A confirmed breakdown below the neckline at $66,672, supported by significant trading volume, could indicate a downside move towards $60,800, aligning with previous lows observed in March.

In conclusion, while short-term technical indicators present a mixed picture, the overall sentiment among crypto experts remains bullish on Bitcoin's long-term trajectory. Factors such as institutional adoption, supply constraints, regulatory developments, and macroeconomic conditions continue to support optimistic price projections for the leading cryptocurrency.