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Bitcoin price today reached the 70,300-dollar mark and is now trading at 69,000 dollars. ETH is hovering around 3,770 dollars. The process for the ETH ETF is not yet complete. This indicates that a sell-off or a rise in altcoins is still possible. So, what are the latest predictions from experts?
Bitcoin Expert Comments
Popular crypto analyst Skew mentioned in his latest market assessment that closures above 69,000 dollars are promising. Although sales continue above 70,000 dollars, the ability to set higher support levels will be motivating for investors.
“For the market to continue higher (new ATHs), acceptance above 69,000 dollars is necessary. This needs to be maintained. The declines at the beginning of the week will be my focus for opportunities if given later (following risk-on or risk-off criteria). Current Spot Demand is still around 66,000 – 65,000 dollars, and we want to see some spot offers rise towards 67,000 dollars with the current market offer.”
Consolidation Process and Crypto
The second crypto analyst TechDev wrote that one of the largest consolidation periods is about to end. Currently, more bullish signals are being discussed on social media comparing BTC/USD with the US M1 money supply. TechDev stated;
“Bitcoin has only seen breakout peaks after breaking against the M1 money supply. And the longer it consolidates, the longer it runs. This breakout follows the longest consolidation to date. The last 5 years have been corrective against M1. BTC is impulsive against M1 for the first time since 2017. We have never seen such a Bitcoin breakout before.”
The third analyst WhalePanda supported these views by saying;
“In 2021, we never had a breakout peak, and everything consolidated against the M1 money supply, so we are in a mega bull run.”
After the breakout in 2017, BTC experienced a parabolic rise for 9 months. If the expected breakout occurs and the parabolic rally period begins, six-figure targets could be reached soon.
