BTC price is lingering at $69,470 while altcoins remain relatively calm. Friday’s decline is not continuing. After rapid sales in altcoins, we had a quiet weekend. What do investors expect for cryptocurrencies after the recent drop in Bitcoin price? What are the predictions for the next step?
Bitcoin Expert Predictions
Crypto analyst Rekt Capital seems relatively moderate and hopeful for a rise. However, another analyst known by the pseudonym Nunya Bizniz questions the adequacy of the 23% drop from the March peak by comparing it with other cycles. Breaking the resistance is a significant achievement, but there are doubts about a relentless rise from here.
Rekt Capital examined the sober chart, noting the transformation of support and resistance in the ongoing uptrend and wrote:
“Bitcoin achieved a historic technical success by turning an old resistance area into a new major support. Since then, Bitcoin has developed a Re-Accumulation Range resembling a Bull Flag trend continuation pattern at these high levels. Bitcoin continues to consolidate in the Post-Halving Re-Accumulation Range.”
The analyst confirms that the levels of $58,600 to $61,300, which challenged the bulls in 2021, now support the bulls, indicating an upward trend in the monthly chart.
“The highest resistance of the range is ~$71,500. The low range support is $60,600. Currently, Bitcoin is not yet ready to enter the Parabolic Phase of the cycle.”
According to the analyst, although the uptrend remains firmly in place, it will take some more time to reach real peaks.
What About Crypto Whales?
In the latest research published by the popular on-chain analysis platform CryptoQuant, Caue Oliveira wrote that large-volume BTC investors are focusing on medium-term gains.
“Unlike convinced Bitcoin investors trying to create long-term reserves, whales usually chase medium-term profits. We can easily detect this behavior through the monthly change in Bitcoin reserves of entities holding more than 1,000 BTC.”
“Note that there is an accumulation and distribution pattern directly affecting pricing. After the intense distribution period in March, institutional investors have started the re-accumulation process in the last two weeks.”
