Bitcoin continues to show resilience despite recent market fluctuations, maintaining a steady course amidst external factors affecting its trajectory. While the anticipated upward movement may have experienced a slight delay due to the emergence of news surrounding the Ethereum ETF, analysts remain optimistic about Bitcoin’s long-term prospects.
At present, Bitcoin is valued at $68,929, boasting a 24-hour trading volume of $100.57 billion and a market cap of $1.36 trillion. Over the last 24 hours, the price of BTC has increased by 1.78%, indicating a promising trend amid ongoing market dynamics.
70% Probability of Bitcoin Price Surge, Analyst Says
Renowned crypto analyst Michaël van de Poppe emphasizes the importance of a crucial support area for Bitcoin, which has remained resilient amidst recent fluctuations. Van de Poppe suggests that Bitcoin needs to surpass the $70,000 mark to trigger significant upward momentum. However, he notes that altcoins exhibit stronger breakout patterns than Bitcoin, signaling a potential shift in market dynamics favoring alternative cryptocurrencies.
Similarly, another respected analyst known as, Seth shares an optimistic outlook on Bitcoin’s future trajectory. The analyst identifies a weekly hidden bullish divergence in BTC, highlighting its potential as a signal for a substantial rally in the Bitcoin market. Notably, the analyst points out that weekly volatility in Bitcoin hasn’t been this low since June 2023, indicating a significant high-time frame movement on the horizon.
Despite the prevailing uncertainty, the analyst assigns a 70% probability to an upward movement in Bitcoin’s price, suggesting that a decisive moment awaits the market with the upcoming FOMC meeting scheduled for June 12th. This event is expected to have a profound impact not only on Bitcoin but also on the broader equities market, potentially shaping the direction of various asset classes in the near term.
Although the Ethereum ETF news had a marginal effect on Bitcoin’s price action, external factors do not deter analysts from their confidence in the outlook for the leading cryptocurrency. With various key support levels holding firm and a solid technical setup indicating a potential pusher for upward momentum, Bitcoin has, as of late, been resilient to asset markets’ shakeout.
Related Reading | Velocore Suspected Hack: $10M in User LPs Stolen, Linea Blockchain Affected