A sudden dip in the value of Bitcoin has left the daily trading chart awash in uncertain price action, as trading enthusiasts and investors alike anxiously watch the fluctuations. Earlier this week, Bitcoin had enjoyed a brief rally, peaking at an impressive $71,500. However, this momentary shoot did not convince bullish investors to immediately jump on board, calling for a more convincing endorsement to put their coins in the pot.
Despite this wavering stage, a perceptive analyst is steadfast in his conviction that Bitcoin is set for a sharp upward trajectory soon, predicting a staggering $80,000 by the end of the month.
According to the same optimistic foresight, the analyst asserts that HODLers, those long-term Bitcoin holders who stand their ground amidst market volatility, will yield the most rewarding profits from their Bitcoin investments, notably more than fleeting speculators. The prediction doesn’t stop at an $80,000 peak by the end of May either. The analyst foresees that Bitcoin will continue its upward march, soaring to a monumental $95,000 by June.
In this dance of candlesticks indicating market fluctuations, those who dare to plunge into the Bitcoin stream at current spot rates may find themselves buying Bitcoin at an appealing discount. However, this rare opportunity may be short-lived as the analyst predicts that prices will cool off once Bitcoin reaches the $95,000 mark within the next seven weeks.
The inevitable drop following the monumental surge will also have its casualties, flushing out speculators who were hoping to bank on the sudden price hike.
At the current spot rates, Bitcoin’s path of least resistance seems to point northward. Although it is a somewhat rough 6% down from the high points witnessed this week, the uptrend still holds its ground. A resistance level seems to form at the $72,000 line, with prices moving sideways while keeping a keen eye on the $60,000 threshold at the lower end.
For this uptrend to solidify, a significant trading volume near the $72,000 level is crucial. The bullish community has yet to muster enough momentum to push above this line, a feat unaccomplished since the surge to historic highs in mid-March.
Public sentiment is another essential factor that could fuel the price jump. The analyst notes a visible shift in sentiment as the United States Securities and Exchange Commission (SEC) appears to be preparing to greenlight spot Ethereum ETFs. As a result, investors have enthusiastically redirected their capital towards Ethereum.
This redirection has served as a speed breaker for Bitcoin, even pulling down prices. The ETHBTC chart substantiates this, with Ethereum outperforming Bitcoin and notching a commendable 25% increase from mid-May 2024.
Notwithstanding these developments, there has been no formal announcement from the U.S. SEC regarding the approval of spot Ethereum ETFs. The analyst speculates that the market might be due for a letdown if the agency ends up rejecting all proposals. Such a move could herald a somber phase for the crypto markets, effectively ending what the analyst acknowledges as “manipulative practices.”
