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Bitcoin (BTC) experienced a significant upward trend last week with a price increase of approximately 12.8%. This rise is attributed to factors such as the expectation of a spot Ethereum (ETH) ETF and Donald Trump recently accepting Bitcoin for election donations.
Expert Opinion on Bitcoin
Despite the rise, the cryptocurrency experienced a slight decline in the last 24 hours, dropping 1.8% from its 24-hour high of $71,422 to $69,823. Although the general trend continues to rise, there may be signs of a short-term decline in the market. Following this volatility, crypto analyst Rekt Capital shared his cautious outlook on Bitcoin’s market dynamics.
The analyst suggests that Bitcoin could continue to consolidate within its current range for a few more weeks based on historical patterns. According to the expert, the key level to watch is around $71,500. A weekly close above this level could catalyze a breakout from Bitcoin’s reaccumulation range.
Rekt Capital noted that extended consolidation aligns Bitcoin with historical halving cycles and potentially extends the bull run. The current cycle’s approximately 190-day acceleration may indicate a recovery from the 260-day acceleration observed in mid-March when Bitcoin reached all-time highs. The analyst emphasized:
History generally shows that we should see a long period, but Bitcoin once again defied the course of history by closing a week above the $71,500 high range.
Investor Behavior in BTC
It was suggested that the mentioned scenario could potentially carry Bitcoin to unprecedented dimensions and reach an all-time high (ATH). Supporting the bullish outlook, CryptoQuant data highlighted by CEO Ki Young Ju shows that even if prices rise to around $70,000, Bitcoin holders are reluctant to sell their tokens.
This behavior may indicate that Bitcoin is increasingly seen as a store of value. According to Ki Young Ju, the holding intensity ratio may show that Bitcoin’s holding behavior closely matches scenarios where each token remains inactive, reinforcing its status as a long-term investment.
