A well-known trader has made a bold prediction about Bitcoin (BTC), stating that the cryptocurrency could reach $90,000 or even $100,000 before experiencing its next consolidation period. This trader also believes that the recent pullback in Bitcoin’s price was actually beneficial and will contribute to future price increases.
The current surge in the market is reportedly due to speculation surrounding the potential approval of a spot Ether ETF in the United States. This news has sparked renewed interest and optimism among investors.
Bitcoin recently made a remarkable comeback, surpassing the $70,000 mark after a bullish reversal pattern was identified on May 20. However, the cryptocurrency has since experienced a 2% decline and is currently trading at around $69,000.
According to data, Bitcoin’s daily trading volume has decreased by 22%, and its market cap has fallen by 2% to reach $1.38 trillion. Despite these short-term fluctuations, Bitcoin has still yielded a 12% weekly profit, resulting in an impressive overall Return on Investment (ROI) of 113,008,315.63%.
The pseudonymous trader known as “Roman” believes that the current price action is significant and could lead to a substantial market pump. He argues that both fundamental and technical indicators are aligning, indicating further price increases. In his view, the sharp decline in Bitcoin’s price from its all-time high in early May was a necessary correction that will ultimately result in higher prices in the future.
Roman is confident that the recent bullish reversal signals a strong market trend and that there will be no consolidation until Bitcoin surpasses its previous all-time high by at least 20%. He predicts that the next price targets for Bitcoin are $90,000 and $100,000.
The surge in Bitcoin’s price is primarily attributed to speculations surrounding the potential approval of spot Ether ETFs by the US Securities and Exchange Commission (SEC). Market insiders have revised their odds of approval from 25% to 75%, indicating growing optimism. The SEC’s recent call for Ether ETF applicants to expedite their filings has further fueled positive sentiment.
This news has had a significant impact on the market, as seen in the Crypto Fear and Greed Index, which has recorded a sharp increase of 12 points in just 24 hours. The index currently stands at a score of 76, indicating “Extreme Greed.”
While the impact of these speculations on Bitcoin’s price is interesting, there may still be some volatility before a new all-time high is reached. Experts suggest that there could be some profit-taking in the market, which may temporarily push Bitcoin’s price down from its current level of $71,000.
In conclusion, Bitcoin’s recent surge and potential for further price increases are driven by the speculations surrounding the approval of spot Ether ETFs. Traders and investors are closely watching these developments, with many anticipating Bitcoin’s price to reach new heights in the near future.