Bitcoin’s price currently stands at $67,900, with altcoins maintaining levels close to the previous day. After the U.S. markets opened, there were weak upward attempts. The Taiwan tension is back in the headlines, and yesterday’s U.S. Services PMI data slightly dampened risk appetite. Popular crypto commentator Jelle shares his latest predictions for Bitcoin.
What Does the Crypto Analyst Predict?
Popular crypto analyst Jelle, who was optimistic before the recent Bitcoin surge, details his expectations. While some experts anticipated a new test at $59,000, Bitcoin unexpectedly climbed above $71,000. Moreover, the SEC made a sudden U-turn on Monday, officially approving a spot ETH ETF just hours ago.
How does Jelle assess the current situation? The analyst speaks of a new major breakout phase, frequently referencing the 2016-2017 and 2020-2021 periods, forecasting a similar scenario.
What Do Other Experts Think?
Jelle focuses on Bitcoin’s (BTC) current RSI indicator, noting its resemblance to 2017. RSI measures the strength of buying and selling trends, signaling overbought conditions above 70 and oversold conditions below 30. According to Jelle, BTC’s journey to its $20,000 peak in 2017 strikingly mirrors its path from January 2023 to the present.
Michael Poppe and Credible, however, believe that a new support test might begin from the current level. Bitcoin failed to stay above $71,000, which, according to analysts, could prolong the consolidation process.
Key Inferences for Investors
– Bitcoin could experience prolonged consolidation, possibly testing support levels between $61,000 and $63,000.
– The approval of the ETH ETF might shift market liquidity from BTC to ETH, potentially benefiting altcoins.
– Monitoring the RSI and historical patterns could provide insights into future price movements.
– Analysts suggest caution and readiness for potential market fluctuations around major resistance and support levels.
Van de Poppe observed that during the ETF launch, cash flow began shifting from BTC to ETH. If BTC consolidates while ETH strengthens and BTCD weakens, altcoins might experience favorable conditions.