BTC returned to the $69,000 mark, and we will soon see the traditional investor’s response to the ETH ETF development. Data on spot Bitcoin ETF entries will be available near the daily close. If there is no abnormal entry, BTC will likely hover near its current level over the weekend, maintaining resistance around $71,000. So, what are the predictions for the next few weeks?
Expert Commentary on Cryptocurrencies
Bitcoin did not set a new peak after the block reward halving. According to historical data, this tedious process begins a few weeks before the halving and can continue for up to 5 months afterward. This historical pattern, highlighted by Rekt Capital, suggests that we might not see significant movement in BTC and the broader crypto market for the next 5 months.
Rekt Capital stated:
“Consolidation continues, and historical data shows this could persist between $60,000 and $70,000 for a few more weeks. The current goal is for Bitcoin to move sideways to take a breather, cooling off after the fantastic pre-halving price performance.”
Bitcoin Price Prediction
At the time of writing, BTC is trading at $69,075, continuing the day with nearly a 4% increase. ETH price remains strong, and since BTC hasn’t increased at the same rate, the current outlook for altcoins isn’t too bad. If BTCD continues to weaken, a short-term altcoin rally led by ETH could occur.
From a technical perspective, closures above the $66,000 support are extremely positive. If this support is lost, a drop to the 50-day EMA at $64,838 could be seen.
The key support between $64,000 and $66,120 is crucial for continued tests of $73,777. According to the IOMAP chart, 870,800 BTC were previously purchased in this price range. Therefore, as it is a densely cost-effective area, the support can be maintained unless there is significant negative news flow.
Of course, the unpredictability of cryptocurrencies should not be underestimated. The Fed returning to additional interest rate hike rhetoric or escalating tensions in Taiwan or other regions could change the situation.
