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Bitcoin price at the time of writing is at $69,200, and altcoins generally remained stagnant today. BTC was relatively stable. This is not surprising for weekends as volumes drop significantly. So, what do crypto analysts predict for a breakout?
Crypto Analyst Commentary
Although the predicted weekend rise scenario did not materialize, BTC is making higher closes as the weekly close approaches. The launch date for ETH is still unknown, opening the door for speculative price increases. Activity may start here as of Monday.
Popular crypto analyst Daan Crypto Trades said:
“While the price hovers around $69,000, some liquidity is forming on both sides. Most importantly, $68,300 and $69,800. These are good levels to watch in the short term as we head into next week.”
Material Indicators co-founder Keith Alan wrote in his latest market assessment:
“Bitcoin has returned to $69,000. This is our strongest and most important resistance level on the chart. I want to see a weekly close above $69,000 to gain some confidence for a measured move towards $73,000.”
Tomorrow, US markets will be closed due to Memorial Day, meaning there will be no trading in the Spot Bitcoin ETF channel. This means investors will be left to the crypto exchanges.
Bitcoin Short-Term Predictions
Rekt Capital is focusing on closes above $71,000. Although BTC made strong attempts this week, it couldn’t solidify the key level. Still, the popular crypto analyst said the “danger zone” has ended since the halving event in April.
“Since the end of the ‘Danger Zone’ post-Bitcoin Halving, Bitcoin has risen to $71,500. However, this level is where the highest resistance of the Reaccumulation Range is, and where Bitcoin was rejected. Consolidation continues, and history shows this could last a few more weeks between $60,000 and $70,000.”
So, according to the analyst, if we are to see a big move, it will be within a few weeks. Perhaps during this period, we will learn more about the launch date for the ETH ETF. Although S-1 Form approvals may not arrive this week, they are not expected to take months.
