Crypto investors have significantly lost their risk appetite amid weeks of ongoing negativity. BTC falls to $61,100 and climbs to $63,000, but altcoins suffer repeatedly. So, what are the current predictions of market experts in the current environment?
Bitcoin (BTC)
Bitcoin fell by 3.3% on May 14 and tested $61,000 again. Bulls striving to surpass $63,500 are not succeeding. While the long-term outlook indicates an uptrend, the short-term trend is downward. Some analysts still believe $70,000 is not far off.
Popular crypto analyst Cryptotoad praises the bulls defending the $60,500 level. However, he stated that a reversal of the current downtrend requires closures above $67,000. If BTC cannot close above this level, a new test towards $57,000 might be seen.
On the macroeconomic front, the latest PPI data came in at 0.5% monthly, exceeding expectations, which pleases the bears. Due to the nature of fear and panic, there is a continued shift towards more reliable assets in the markets. This weakens the risk markets within crypto.
Bitcoin Predictions
ETF outflows continue. At the time of writing, GBTC data showed a net outflow of $50.9 million. Michael Poppe mentioned in his latest market assessment that the potential upcoming ETF rejection is also exerting pressure. Regarding the decline in altcoins, Poppe wrote:
“Markets are waiting for the outcome of the ETH ETF and are pricing in a rejection. Therefore, altcoins continue their downward trend and will likely do so until the news comes out next week.
Buy the dip and be patient.”
“Bitcoin dominance has likely peaked. I believe the news surrounding the Ethereum ETF next week will be a significant positive trigger for the markets. I expect this to be a rotation for altcoins.”
In his previous assessment, Rektcapital wrote:
“Bitcoin’s ‘Danger Zone’.
Bitcoin Pre-Halving ‘Danger Zone’ (orange) is where historical Pre-Halving Retraces begin. Historically, Bitcoin has performed Pre-Halving Retraces 14-28 days before the Halving. This cycle was no different.
Because Bitcoin experienced its first -18% Pre-Halving Retrace about 30 days before the Halving. History repeated itself in this respect. In fact, in 2016, Bitcoin started its Pre-Halving Retrace 28 days before the Halving, and in 2024, it was 30 days before. In this respect, 2024 closely mirrors 2016.”
