The cryptocurrency market is showing signs of a challenging yet optimistic phase, particularly for Bitcoin. Crypto analyst Yoddha recently emphasized the growing number of Bitcoin ETFs, viewing the current price of BTC as a bargain. He predicts a price surge, claiming that the reduced supply due to the halving event and increasing retail demand will drive Bitcoin’s value to $100K.
Additionally, Yoddha bases his forecast on the analysis of past market trends, particularly noting the bullish phases similar to those from 2015 to 2017. He argues that these patterns, combined with clear mathematical analysis, suggest a potential upswing in Bitcoin’s future. At the time of this writing, BTC trades at $60,792.85, having experienced a dip of 3.59% on the last day and 3.72% on the previous week.
Conversely, Moustache, another top analyst, also shares a bullish outlook for the long term. He believes that Bitcoin’s price surge to $80,000 will require a preliminary clearing out of less committed investors from the market. His view is based on recurring patterns observed in Bitcoin’s past price behaviors, emphasizing that this cleansing is a necessary prelude to significant gains.
Recent activity within Bitcoin ETFs shows mixed signals. According to Spot On Chain, there was a notable net outflow of $87.4 million on May 10, 2024, marking the second consecutive day of negative net inflows. Grayscale’s Bitcoin Trust (GBTC) witnessed an accelerated outflow of $103 million on the same day, its largest in the past trading week. Conversely, six out of nine other ETFs reported zero flows, indicating a lack of robust buying pressure.
As CryptoTale reported earlier, despite the market’s short-term pullbacks, Bitcoin has demonstrated resilience. After surpassing a critical resistance level at $63,000, the currency managed to sustain its upward momentum, consolidating around this level before testing support at $60,700. This behavior confirmed the strength of the current bullish trend and could set the stage for potential gains.
