Fintech
Legendary crypto analyst predicts BTC will drop to $61,000 soon
The price of Bitcoin fell on Friday, moving away from recent highs on concerns over high US interest rates. its decline has overshadowed significant development in approval of exchange traded funds (ETFs) directly monitor Ether in the US.
Despite some gains earlier in the week, Bitcoin fell 3.2% over the past 24 hours to $67,415.9. Cryptocurrency expert Michaël van de Poppe expects further slippage, suggesting figures around $61,000-63,000 in the near term.
Consolidation Phase: The Current State of Bitcoin
Bitcoin, the leading cryptocurrency, is in a consolidation phase, with its value hovering within a certain range. Analyst Michaël van de Poppe believes this phase could last a while, perhaps pushing Bitcoin’s value to test levels between $61,000 and $63,000.
While this phase may not excite short-term traders looking for action, it offers long-term investors the opportunity to build positions at favorable prices.
Ethereum overshadows 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 ETF on EthereumInvestors are diversifying their crypto portfolios, favoring Ethereum and injecting significant capital.
This shift in investor preferences has led to an interesting dynamic between Bitcoin and Ethereum, reshaping the broader market landscape.
Ethereum price analysis
Currently, Ethereum it is trading at $3,702.11, marking a decline of 5.42% in the last 24 hours. Despite this decline, ETH trading volume increased by 68%, pushing its market capitalization to $445 billion.
Despite recent fluctuations, Ethereum remains robust after a surge between October 2023 and March 2024. It has risen more than 35% this year and an impressive 69% increase over the past 12 months.
Also check: $1.4 Billion Bitcoin Whales Accumulation Fuels Bullish Frenzy: $74,000 Soon to Be Breached?
Do you agree with the analyst’s prediction on the price of Bitcoin? Why or why not?