A breakout from Bitcoin's symmetrical triangle pattern is imminent as long-term holders continue to accumulate.

Bitcoin (BTC) has surged by over 60% year-to-date as of May 2024, driven by capital inflows into newly-introduced exchange-traded funds (ETFs) in the U.S. and expectations of Federal Reserve interest rate cuts. Analysts suggest BTC could reach $75,000 by the end of June based on a combination of technical, on-chain, and fundamental indicators.

Symmetrical Triangle Breakout:
Technically, Bitcoin is approaching a symmetrical triangle breakout, characterized by price consolidation between converging trendlines of peaks and troughs. This pattern, often a bullish continuation signal, could push BTC toward $75,000 if it breaks above the upper trendline around $69,000.

Bitcoin ETF Demand:
Bitcoin reached a new all-time high of around $73,000 in early March, followed by a sell-off from long-term holders and a re-accumulation phase. ETF flows turned positive, with a net inflow of $242 million per day last week, far outweighing the daily sell pressure from miners of $32 million. This strong buy-side demand from ETFs is a significant driver for Bitcoin's continued rally.

Ethereum ETF Approval Possibilities:
The potential approval of U.S. spot Ether (ETH) ETFs by late June, following a key filing update by BlackRock, could set a positive precedent for Bitcoin ETFs. This development is expected to boost investor confidence and demand in the cryptocurrency market, supporting Bitcoin's potential breakout to $75,000.

In summary, the combination of a bullish technical pattern, strong ETF demand, and potential Ethereum ETF approvals positions Bitcoin for further gains, potentially reaching $75,000 by the end of June.