Today is May 24, and cryptocurrencies seem to have forgotten the spot ETH ETF approval granted about 24 hours ago. We are familiar with such movements, and it is not surprising since the exact date when ETH ETFs will start trading is not yet clear. Still, if the ETH price hovers above $3,700 until the S-1 Form approval, it will give altcoins room to play. However, our current focus is on Bitcoin.
How Low Can Bitcoin Go?
After big news, cryptocurrencies often experience a drop, which is normal. This common occurrence in cryptocurrencies is used as a trap in terms of ETF approvals. Rumors of a strong news sell-off event during the BTC ETF approval had scared investors, but today BTC is hovering around its all-time high. Nevertheless, investors remained cautious after the good news from the SEC.
Crypto investor and analyst Mags believes that BTC’s recent rally failing to surpass the all-time high could result in a support test. According to the analyst, the consolidation of the price around $65,000 should not surprise investors.
“BTC is facing some resistance near the upper range and expects some consolidation near the mid-range ($65,000) before another rise.”
Bitcoin (BTC) Bottom Prediction
Another analyst, George, recalls the price movement on March 14. The expert accepts the risk of a drop to $60,000 but argues that the only thing to look for is the right entry point for long positions. He believes that a bigger rise will start either from the current levels or from the marked local bottom area on the chart.
“Either from here or the blue zone. It’s literally that simple.”
Poppe reiterated his usual statement, saying that Bitcoin is consolidating.
“This consolidation will likely continue for a longer period, and I suspect we might even see levels of $61,000 to $63,000.”
As a small detail, we should know that the recent drop is not solely related to the ETF approval. The latest Service PMI data shows that economic activity in this area has strengthened much more than expected. This inflation in the area is challenging, and the Fed, convinced that it will reach its 2% target later than expected, found the data discouraging for risk markets.
