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Bitcoin continues to find buyers around the $64,000 mark. When will the breakout occur? This week’s US data has increased uncertainty. The Fed will signal next week how it plans to address weakening growth and persistent inflation.
Bitcoin (BTC) Expert Comments
Data on the US economy and weakening entries into spot Bitcoin ETFs are causing Bitcoin’s price to trade in a narrow range. Bitcoin continues to close at lower levels, and the momentum from last month’s rise is weakening. Bloomberg ETF analyst James Seyffart wrote about the current situation;
“Yesterday was a tough day for the Cointucky derby and Bitcoin ETFs. A total of $217 million exited from 5 ETFs. Franklin was the only ETF with an entry of $1.9 million.”
Michael van de Poppe also shared his views on the markets today.
“Bitcoin is still stuck in a range. I don’t think we’ll see much from here in the next 3-6 months. A slow sideways movement, perhaps a grind. I expect much more from Altcoins.”
Will Cryptocurrencies Rise?
Bitcoin has gone through boring consolidation processes after periods of rapid rise, as Poppe warned. Investors, especially in altcoins, catch good late entry levels during the same period, but it’s usually exhausting days for those expecting a rise. Rekt Capital, who correctly predicted some of the previous major price movements, expects more significant drops after the halving event.
According to him, Bitcoin price will face dangerous days within two weeks.
“In this cycle, Bitcoin entered the ‘Danger Zone’ (purple) after the Halving and is very close to Range Low. If there will be additional downward fluctuations below Range Low, it will occur over the next two weeks.”
The above graph shows the historical drop scenario expected by Rekt Capital. As the article was prepared, the Bitcoin price is finding buyers at $63,980. The daily trading volume in the cryptocurrency markets has fallen to $63.6 billion, and BTC has experienced a loss of nearly 2% daily.
