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Bitcoin will consolidate around $68,000 before hitting a new all-time high, analysts predict
Bitcoin (BTC), the world’s most valuable cryptocurrency, fell to $69,000 from $71,000 early Wednesday. Other popular altcoins such as Ethereum (ETH), Solana (SOL), and Ripple (XRP) have shown mixed performance.
Meanwhile, a well-known crypto analyst predicts that Bitcoin will consolidate at $68,000 before reaching a new all-time high.
Piling under the radar
While the headlines are buzzing about price fluctuations, one fascinating development has gone unnoticed: a silent buying spree by savvy investors. Famous crypto analyst Willy Woo points out an actual increase Bitcoin purchasesindicating real question rather than speculation.
This is especially notable because these purchases did not involve “paper BTC,” synthetic versions that inflate the supply without being backed by real coins. This lack of artificial manipulation suggests a healthy market, ripe for a potential surge.
Woo interprets this silent buildup as a precursor to a breakout. He confidently predicts that Bitcoin is on track to surpass its previous all-time highs, it’s just a question of “when”, not “if”.
Price Forecasts: Consolidation or Correction?
Another prominent analyst, Michaël Van de Poppe, offers a different perspective. Bitcoin is expected to return to the $68,000 mark before resuming its upward climb. This “retest” is seen as a normal part of Bitcoin’s consolidation phase, often seen before significant price movements.
Technical Analysis: Where do we go from here?
If Bitcoin does not break above the $71,200 resistance, it could continue to fall. Immediate support is near $69,200. The MACD is losing bullish momentum and the hourly RSI for BTC/USD is just above 50.
However, the first major support level is at $69,000, with major support forming near $68,800, in line with the 50% Fibonacci retracement of the recent upsurge. Further losses could push the price towards the $67,300 support zone.
It is important to remember that Bitcoin is still up 11.84% over the past week. Even though its 24-hour trading volume has declined, its market capitalization remains solid: $1.37 trillion.
So is this a buying opportunity or a correction signal? Only time will tell.
Also check: Bitcoin Is Losing Strength: Why Are Bulls Failing to Reach Strength Amid Positive Market Sentiments?