Bitcoin Will Hit $80,000 In May Despite Outflows To Ethereum: Analyst
May 23 2024 - 7:00PM
NEWSBTC
Bitcoin is fast-dropping, looking at price action in the daily
chart. Even after the impressive spike above $71,500 early this
week, there needs to be a conclusive follow-through for optimistic
bulls. Despite this correction, one analyst strongly believes
Bitcoin will rally sharply, reaching $80,000 by the end of the
month. Will Bitcoin Hit $80,000 By End Of May? Taking
to X, the analyst thinks HODLers, not speculators, will
reap the maximum benefits from Bitcoin. Based on the trader’s
assessment, not only will BTC fly above $80,000 by the end of May,
but the coin will also spike to peak at $95,000 in June.
Accordingly, reading from the candlestick arrangement, those who
position themselves at spot rates might enter at favorable prices,
scooping the coin at a discount. Even so, when BTC flies to $95,000
in less than seven weeks from now, the trader expects prices to
cool off. Related Reading: Bitcoin Price Drop Below $70,000
Apparently Driven By Lack Of Interest, Glassnode Data Shows The
retracement will also wash out speculators hitching the leg
up. At spot rates, the path of least resistance is northward.
BTC is also down roughly 6% from this week’s highs, although the
uptrend remains. The $72,000 line is emerging as a strong
resistance level as prices continue to move horizontally. On the
lower end, $60,000 is worth watching. For the uptrend to take
shape, a high volume must be close to $72,000. Of note is that
bulls have yet to breach and close above this line since the surge
to all-time highs in mid-March. Capital Is Flowing To Ethereum:
Will The United States SEC Reject Spot ETH ETFs? Sentiment
will play a key role in propelling prices higher. So far, the
analyst acknowledges that there is a shift in sentiment. As the
United States Securities and Exchange Commission (SEC) unexpectedly
prepares to approve spot Ethereum exchange-traded funds (ETFs),
investors have been rotating capital to ETH. This has slowed the
momentum, even lowering prices, as in the current case. The ETHBTC
price chart shows that Ethereum outperforms Bitcoin, adding 25%
from mid-May 2024. Related Reading: Non-Empty USDC And USDT Wallets
See 13.9% And 15.7% Spike, Why This Is Good For Crypto There has
been no official communication from the United States SEC on spot
ETH ETF approval. However, the analyst believes the agency will
disappoint the market by unexpectedly rejecting all proposals.
Should this be the case, the crypto markets will clam up, ending
what the trader claims have been “manipulative practices.” Feature
image from Shutterstock, chart from TradingView
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