Bitcoin (BTC) is currently holding strong at around $70,000, a crucial psychological level that could potentially trigger a significant surge and set a new all-time high.

With the next Bitcoin halving event approaching, there is a high level of anticipation regarding its potential impact on BTC's price. Historically, such events have sparked a significant bullish sentiment in the crypto market, as they reduce the block mining reward, effectively reducing the rate at which new BTC is introduced to the market. This scarcity mechanism has previously caused substantial price increases.

BTC Price Surge Predictions

In this context, the crypto community is buzzing with speculation about whether BTC can surpass its previous record of over $73,000.

According to Finbold, achieving this milestone requires not only surpassing this level but also maintaining upward momentum. A well-known crypto analyst known as El_crypto_prof recently highlighted this possibility.

In a post on April 12, El_crypto_prof emphasized Bitcoin's strong performance and signaled a potential surge to $80,000 in the near future.

"Many people don't realize how good BTC's performance is right now," they stated.

El_crypto_prof pointed to the Mayer Multiple indicator, which analyzes Bitcoin's relative price against its 200-day moving average, to support their prediction. According to them, the current indicator reading suggests that Bitcoin is in a favorable position for a bull run.

The Mayer Multiple helps investors determine whether Bitcoin is overbought or oversold, with historical thresholds indicating imminent price movements.

El_crypto_prof noted that whenever the crypto market leader breaks above the blue line in the Mayer Multiple and is close to or above its all-time high, a parabolic move begins shortly after, and $80,000 will be reached soon.

Bullish Views and Market Projections

This bullish outlook is further supported by Bitcoin's recent price behavior. Despite global economic uncertainty and discussions about future higher interest rates, as indicated by CPI reports, Bitcoin has shown remarkable resilience.

The leading crypto has managed to maintain a relatively stable price, fluctuating above $70,000, suggesting that it may be consolidating its gains in preparation for the next big step.

Moreover, the stabilization in BTC's price seems to coincide with a broader stabilization in the inflow of Bitcoin ETFs.

After an explosive start in its first two months, these ETFs have seen normalization in activity, which may indicate that the market is absorbing the initial euphoria and preparing for a more sustained upward trajectory.