A well-known trader has made a prediction regarding Bitcoin’s future, stating that the cryptocurrency could experience a period of consolidation after reaching $90,000 or $100,000. The trader also believes that the recent pullback in price was actually beneficial for future price increases.
The current surge in the market is said to be driven by speculation surrounding the potential approval of a spot Ether ETF in the United States.
Bitcoin recently made a significant comeback, reaching the $70,000 range, thanks to a bullish reversal pattern signaled by a spinning top candlestick near the bottom of a downtrend on May 20. However, the asset has since experienced a 2% daily decline, currently trading at $69,000.
According to data, Bitcoin’s daily trading volume has seen a substantial decline of 22%, with the market cap falling by 2% to $1.38 trillion. Despite this, Bitcoin has still yielded a weekly profit of 12%, resulting in an overall Return on Investment (ROI) of 113,008,315.63%.
A pseudonymous crypto trader known as “Roman” believes that the current price action is indicative of a “real deal market pump,” as both fundamental and technical indicators are aligning. The trader suggests that the sharp decline in Bitcoin’s price from its all-time high of $73,738 to $58,000 on May 2 was an important correction that will lead to higher prices in the future.
With the previous consolidation already behind us, Roman is confident that the bullish reversal shown in the current price chart is strong enough to prevent any further consolidation until it surpasses the March 12 all-time high by at least 20%. The trader predicts that Bitcoin’s next target is $90,000 and $100,000.
The surge in Bitcoin’s price is believed to be triggered by speculations regarding the potential approval of spot Ether ETFs by the US Securities and Exchange Commission (SEC). Bloomberg analysts James Seyffart and Eric Balchunas have revised their odds of approval from 25% to 75%. Another crypto ETF expert, Nate Geraci, has also expressed the possibility of approval.
The positive sentiment is further supported by a recent report stating that the SEC has urged Ether ETF applicants to expedite their filings. This news has had a significant impact on the Crypto Fear and Greed Index, which has seen a 12-point increase in just 24 hours, reaching an “Extreme Greed” score of 76 by May 21.
John Glover, the chief investment officer of Ledn, finds the impact of these speculations on Bitcoin’s price to be intriguing. However, he expects some volatility before a new all-time high is reached.
In conclusion, Bitcoin’s future looks promising as it continues its upward trend. The potential approval of spot Ether ETFs in the US has played a significant role in driving the current market surge. Investors and traders are eagerly anticipating Bitcoin’s next target of $90,000 to $100,000, while also keeping an eye on potential volatility in the market.
