Bitcoin has returned to the $69,000 mark, and the market’s reaction to the recent Ethereum ETF development is eagerly awaited. Data on spot Bitcoin ETF inflows will be closely monitored as the daily market closes. If no unusual entries are observed, Bitcoin is expected to remain near its current level over the weekend, holding resistance around $71,000. Analysts are now making predictions for the cryptocurrency’s trajectory in the weeks ahead.
What Do Experts Say About Cryptocurrencies?
Despite Bitcoin’s recent surge, it has yet to set a new peak following the halving of its block reward. Historical data indicates that a period of consolidation typically begins several weeks before the halving and can continue for up to five months afterward. This pattern, noted by Rekt Capital, suggests that significant movement in Bitcoin and the broader cryptocurrency market may not occur for the next few months.
Rekt Capital commented, “Consolidation continues, and historical data shows this could persist between $60,000 and $70,000 for a few more weeks. The current goal is for Bitcoin to move sideways, allowing it to cool off after its impressive pre-halving price performance.”
What is the Bitcoin Price Prediction?
Currently trading at $69,075, Bitcoin has seen a nearly 4% increase today. Ethereum’s price remains robust, and Bitcoin’s slower growth has not negatively impacted the outlook for altcoins. Should Bitcoin Dominance (BTCD) continue to decline, a short-term altcoin rally led by Ethereum could be on the horizon.
From a technical standpoint, closures above the $66,000 support level are seen as very positive. A loss of this support could lead to a drop to the 50-day EMA at $64,838. The critical support zone between $64,000 and $66,120 is essential for testing higher levels around $73,777. According to the IOMAP chart, 870,800 BTC were previously acquired within this price range, making it a strong support area unless disrupted by significant negative news.
Concrete Market Inferences
- Bitcoin’s consolidation phase could persist for several months post-halving.
- Closures above $66,000 support are critical for maintaining upward momentum.
- A decline in Bitcoin Dominance could trigger a short-term altcoin rally.
- Significant news events may disrupt current support levels and market trends.
However, the cryptocurrency market’s inherent unpredictability cannot be ignored. Factors such as the Federal Reserve’s potential interest rate hikes or rising geopolitical tensions, like those in Taiwan, could significantly alter the market dynamics.