Bitcoin’s value today soared to an impressive $70,300 before settling at around $69,000. Ethereum (ETH), meanwhile, is trading at approximately $3,770, and the process for the ETH ETF remains incomplete. This creates a potential for either a sell-off or an increase in altcoins. So, what are the latest expert predictions regarding these trends?
What Do Bitcoin Experts Say?
Renowned crypto analyst Skew recently provided a promising outlook for Bitcoin if it continues to close above the $69,000 mark. Despite some selling pressure above $70,000, maintaining higher support levels could prove encouraging for investors.
“For the market to climb higher and achieve new all-time highs, it is crucial to sustain levels above $69,000,” Skew explained. “I’ll focus on early-week declines as potential opportunities, subject to risk criteria. Spot demand currently hovers around $66,000 to $65,000, and we hope to see offers rising towards $67,000.”
Is a Major Consolidation Period Ending?
Another analyst, TechDev, pointed out that Bitcoin might be concluding one of its largest consolidation phases. Notably, bullish signals are being compared with the US M1 money supply, suggesting that Bitcoin could be on the verge of a significant breakout.
“Bitcoin has experienced breakout peaks after aligning with the M1 money supply. The ongoing consolidation, the longest to date, indicates a possible major run. The last five years have seen a corrective phase against M1, and we are now seeing an impulsive movement for the first time since 2017. This is an unprecedented Bitcoin breakout,” TechDev asserted.
Supporting these views, WhalePanda noted, “In 2021, we did not see a breakout peak, and everything consolidated against the M1 money supply, indicating a mega bull run.”
Key Takeaways for Investors
Investors can draw several valuable inferences from the analysis:
- Bitcoin sustaining above $69,000 is crucial for a potential new all-time high.
- Spot market demand is key, with current levels around $66,000 to $65,000.
- The end of a long consolidation phase could signal a major Bitcoin breakout.
- Comparisons with the US M1 money supply suggest bullish trends.
- A potential parabolic rally could lead Bitcoin to six-figure targets.
In conclusion, analysts are optimistic about Bitcoin’s future, highlighting the significance of maintaining crucial support levels and the potential impact of market consolidation phases. Investors should keep a close watch on these trends to make informed decisions.