Bitcoin
Will Bitcoin Hit $150,000 This Cycle? Here’s the Truth
Bitcoins current behavior reflects patterns observed in previous cycles. Satoshi Stacker Analyst took to his latest video and explained what Bitcoin’s next big move could be, along with discussions on Ethereum and other important topics, making it essential to watch from start to finish.
He also spoke about the continued buying pressure on Bitcoin due to Spot Bitcoin ETFswith hundreds of millions of dollars flowing in daily. This trend supports a bullish outlook for Bitcoin. Furthermore, the MVRV ratio chart indicates potential for an upward breakout from the current downtrend, which has historically led to significant price pumps. Bitcoin miners have also reduced their selling pressure, which could further support Bitcoin’s price stability and growth.
Their analysis reveals that Bitcoin recently broke above the critical resistance level of $66,700. After a brief pullback and retest, this level now acts as support. The formation of higher lows suggests an uptrend, which is notable given the simultaneous decline in traditional markets.
What’s next for Bitcoin and Ethereum?
Historically, Bitcoin’s post-halving behavior involves a period of consolidation followed by significant price increases. This pattern is evident in past cycles, where accumulation a year before the halving proved advantageous. The current post-halving consolidation phase suggests a potential repeat of this historical trend, with a predicted target of $150,000 for Bitcoin this cycle.
For Ethereum, the ETH/USD pair is currently between support and resistance levels, showing no significant movement. However, the ETH/BTC pair is breaking out, indicating Bitcoin’s outperformance over Ethereum. This is particularly intriguing with the upcoming Ethereum ETF spot launch on the 23rd, which may initially see Grayscale sell Ethereum, mirroring its strategy with Bitcoin. Despite this, long-term demand for Ethereum is expected to increase.
See also: What’s next for the top 5 cryptocurrencies as bullish sentiments intensify?