Bitcoin
Legendary Crypto Analyst Predicts BTC to Drop to $61K Soon
The price of Bitcoin fell on Friday, moving away from recent highs due to concerns about high interest rates in the US. its decline overshadowed significant development in the approval of exchange-traded funds (ETFs) directly tracking Ether in the United States.
Despite some gains at the beginning of the week, Bitcoin faced a drop of 3.2% in the last 24 hours, settling at US$67,415.9. Crypto expert Michaël van de Poppe predicts a further drop, suggesting numbers around $61,000 to $63,000 in the near term.
Consolidation Phase: Current Status of Bitcoin
Bitcoin, the leading cryptocurrency, is in a consolidation phase, with its value fluctuating within a certain range. Analyst Michaël van de Poppe believes this phase could last for a while, possibly pushing Bitcoin’s value to testing levels between $61,000 and $63,000.
While this phase may not excite short-term traders looking for action, it does offer an opportunity for long-term investors to build positions at favorable prices.
Ethereum overshadowing Bitcoin
Van de Poppe’s analysis suggests a shift of funds from Bitcoin to Ethereum, contributing to Bitcoin’s prolonged stability. With the approval of all 8 Spot Ethereum ETFsInvestors are diversifying their cryptocurrency portfolios, favoring Ethereum and injecting significant capital.
This shift in investor preference has led to an interesting dynamic between Bitcoin and Ethereum, reshaping the broader market landscape.
Ethereum Price Analysis
At the moment, Ethereum is trading at $3,702.11, marking a drop of 5.42% in the last 24 hours. Despite this drop, ETH trading volume increased by 68%, bringing its market value to $445 billion.
Despite recent fluctuations, Ethereum remains robust after a surge between October 2023 and March 2024. It has seen an increase of over 35% this year and an impressive 69% increase over the past 12 months.
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Do you agree with the analyst’s prediction for the price of Bitcoin? Why or why not?