Bitcoin has surged over 60% year-to-date as of May 2024, driven by capital inflows into its newly-introduced exchange-traded funds (ETFs) in the U.S. and expectations of interest rate cuts by the Federal Reserve.

Based on a combination of on-chain, fundamental, and technical indicators, the leading cryptocurrency could see further gains in June, potentially reaching $75,000 by the end of the month. Let's delve into these indicators.

Bitcoin Approaches Symmetrical Triangle Breakout

From a technical standpoint, Bitcoin's potential to reach $75,000 is supported by a symmetrical triangle pattern, which forms when the price consolidates between two converging trendlines connecting successive peaks and troughs.

A symmetrical triangle formed during an uptrend often indicates a bullish continuation, which is confirmed when the price breaks above the upper trendline, potentially rising by the maximum distance between the upper and lower trendlines.

As of May 31, BTC's price was nearing the triangle's apex, where the trendlines converge. Bitcoin is eyeing a break above the upper trendline, which could propel its price to $74,000-$75,000 in June, depending on the breakout point.

This breakout point could be around $69,000, aligning with Bitcoin's ongoing ascending trendline support (indicated by the magenta line).

Bitcoin ETF Buyers Return

Bitcoin hit a new all-time high of around $73,000 in early March. This peak coincided with long-term holders selling a significant volume of their holdings, creating a supply overhang that led to a period of correction and consolidation.