Bitcoin's Value Ascends: $90,000 Expected Before Next Correction, Amid ETH ETF Speculation
Summary:
Bitcoin's 14% rise over the past week has led market analysts to suggest this could be a significant market boost, with another correction not expected until Bitcoin reaches $90,000. The positive trend is possibly influenced by speculation that the U.S. Securities and Exchange Commission might approve Ether exchange-traded funds (ETFs). However, some market analysts and crypto traders anticipate a slight dip before the upward trend continues, based on recent CoinGlass liquidation data.
Following a 14% uptick in Bitcoin's (BTC) value over the past week, market analysts are suggesting that this could be a genuine, significant market boost. They predict that another market correction won't occur until Bitcoin hits the $90,000 mark. Crypto trader "Roman", who wished to remain anonymous, told Cointelegraph that the alignment of both technical and fundamental indicators suggests this is a genuine market boom. Roman referred to the recent fall in Bitcoin's value from an all-time high of roughly $73,738 to $58,000 (a 21% reduction) on May 2nd, noting that this was an essential correction that paves the way for future price increases.
Roman cited the encouraging reversal pattern on Bitcoin's price chart this week, implying that Bitcoin won't see another consolidation period until it exceeds its previous record high of $73,679 by at least 20%. "We may see a rise to somewhere between $90,000 and $100,000 before we witness another correction or consolidation phase", Roman predicted. According to CoinMarketCap's data, May 20th saw the bullish reversal pattern signaled by a spinning top candlestick, which closed at $66,278 near the downtrend's low.
At the time of this report, Bitcoin is trading at $70,140. The value of Bitcoin has increased by 8.04% over the past 30 days as per CoinMarketCap. The price surge has generated speculation that the U.S. Securities and Exchange Commission may be moving to approve spot Ether (ETH) exchange-traded funds (ETFs). This speculation has sparked a positive response in the market, with the Crypto Fear and Greed Index spiking by 12 points within 24 hours to reach an "Extreme Greed" score of 76 on May 21.
Responding to these developments, Ledn's chief investment officer, John Glover, expressed surprise at how the speculation about Ether impacted Bitcoin. "The Ethereum news should not have had any influence on Bitcoin demand, yet it seems to have boosted Bitcoin’s price as well, which is intriguing to me," Glover said. Despite the uptrend, Glover foresees volatility and expects some profit-taking, which may push Bitcoin prices down from the $71,000 mark in the coming days.
According to CoinGlass liquidation data, despite the market positivity, crypto traders are preparing for a slight dip before the uptend resumes. A minor 1% increase to about $71,000 would eliminate roughly $766.73 million in short-position liquidations. Conversely, a 1% drop to approximately $69,400 would clear about $101.54 million in long positions. As always, all investment and trading carry risks, and individuals are advised to conduct their own research before making decisions.
Published At
5/22/2024 6:20:29 AM
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