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SEC will collect the final S-1 Forms from spot ETH ETF issuers by the end of today, and listings will happen soon. Meanwhile, BTC continues to move between $54,000 and $58,000. Although this situation tires altcoins, gradual recoveries are observed. So, what are the expectations for this week?
Bitcoin (BTC) Predictions
The market’s inability to recover quickly after the recent drop has fueled concerns about searching for deeper bottoms. However, if the widely accepted scenario occurs, a bottom at $50,000 is possible. Psychology is quite important in this area, and even though there are no sudden massive government and MTGOX sales, investors are pricing this with a multiplier effect. The fear and greed index entered the extreme fear zone with a 60% drop.
Crypto market closely watched popular analyst Mark Cullen wrote the following in his latest assessment:
“With Bitcoin closing the week below May’s lowest level, Friday’s strength seems more like a dead cat bounce, leading us to think it will continue lower in the coming weeks.”
Santiment analysts were also not very pleased with the situation.
“After a brief jump that gave investors hope, crypto showed pullbacks that brought fear back into the spotlight as the weekend approached. Bitcoin fell 2.3% in the last 24 hours and 8.6% in the past week. BTC lost 18.4% in value over the past month. Most altcoins showed much larger declines.”
Will Cryptocurrencies Rise?
The German government continues to sell seized assets in parts. These transfers, sometimes to market makers and sometimes to exchanges, trigger on-chain alarms. BTC turned down again after seeing $58,000 with the latest transfer in the last few hours.
The third crypto analyst Tony expects a big move soon.
“Bitcoin closed below the lower Bollinger Band on a weekly basis. This is a sell signal. Further downward movement is likely.”
Matthew Hyland, although inclined to rise, finds the ongoing weak closures concerning.
“BTC confirmed the weekly break of the consolidation range that has been ongoing for months. BTC is still in an uptrend; it needs to drop below $38,000 to end the uptrend, so the uptrend is still completely intact, but this weekly break opens the doors for lower price targets.”
