Bitcoin's recent surge of 14% over the past week to $69,887 has led traders to believe it could signify a significant market pump, with expectations of another correction not emerging until it reaches $90,000. According to a pseudonymous crypto trader known as "Roman," this surge is considered a genuine market pump, supported by both fundamentals and technical analysis. They view the previous price correction from Bitcoin's all-time high of $73,738 to a low of $58,000 on May 2 as necessary for future price appreciation.
Roman points to a bullish reversal pattern observed on Bitcoin's price chart, indicating that it won't enter another consolidation phase until it surpasses its previous all-time high of $73,679 by at least 20%. They predict Bitcoin could reach $90,000 to $100,000 before facing another consolidation or correction phase.
The recent price spike in Bitcoin coincides with speculation surrounding the approval of spot Ether exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC). This speculation has positively impacted market sentiment, with the Crypto Fear and Greed Index surging by 12 points to an "Extreme Greed" score of 76 on May 21. Reports suggesting that the SEC urged Ether ETF applicants to expedite their filings further fueled this optimism.
However, some analysts, like John Glover, chief investment officer at Ledn, anticipate potential volatility in the market before reaching new highs. Despite the positive sentiment, traders are preparing for a minor downturn in Bitcoin's price, with CoinGlass liquidation data indicating potential liquidations of short positions if Bitcoin reaches approximately $71,000, and liquidations of long positions if it drops to around $69,400.
May 2024, Cryptoniteuae