Bitcoin’s price is rapidly dropping, if you look at the daily chart. For bulls to remain optimistic, even though the spike over $71,500 in early this week was impressive, they need to follow through with a decisive move. One analyst believes that Bitcoin is likely to rally strongly and reach $80,000 before the end of this month, despite the recent correction.
Bitcoin to Hit $80,000 by the End of May
Take me to X. The analyst thinks Bitcoin will be most beneficial to HODLers and not for speculators. According to the traders’ assessment, BTC will not only fly over $80,000 by May’s end, but will also peak at $95,000 during June.
Those who are positioned at the spot rate may be able to scoop up the coin for a discounted price. The trader is expecting prices to fall when BTC soars to $95,000, which will happen in less than seven week’s time.
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The retracement of the market will wash out all speculators.
The path of least resistence at spot rates is to the north. BTC has also fallen roughly 6% since this week’s peak, but the upward trend remains. Price movement continues horizontally, and the $72,000 line appears to be a significant resistance. The $60,000 level is also worth watching.
A high volume of close to $72,000 is required for the upward trend to be formed. It is important to note that the bulls are yet to close and breach this line after reaching all-time-highs at mid-March.
Will US SEC refuse spot ETFs for Ethereum?
The mood will be a major factor in driving prices up. Analysts have acknowledged that sentiment has changed. The United States Securities and Exchange Commission has (SECInvestors are transferring capital from ETH to ETH when the ) suddenly prepares to approve Ethereum spot exchange-traded fund (ETFs).
The momentum has been slowed, and prices have even fallen, like in the present case. The ETHBTC graph shows Ethereum is outperforming Bitcoin by 25% since May 2024.
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The SEC has not issued any official announcements regarding the approval of ETH ETFs on-the-spot. Analysts believe the SEC will surprise the market and reject all proposals. If this is the case, then the cryptocurrency markets would clam up and end what the trader has claimed to be. “manipulative practices.”
Chart by TradingView. Image from Shutterstock.
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Source: www.newsbtc.com