Bitcoin Facing Consolidation Phase: Legendary Crypto Analyst Predicts BTC To Drop To $61k Soon

The post Bitcoin Facing Consolidation Phase: Legendary Crypto Analyst Predicts BTC To Drop To $61k Soon appeared first on Coinpedia Fintech News

Bitcoin’s price dropped on Friday, moving away from recent highs due to worries about high U.S. interest rates. his decline overshadowed a significant development in the approval of exchange-traded funds (ETFs) directly tracking Ether in the United States.

Despite some gains earlier in the week, Bitcoin fell by 3.2% in the last 24 hours, reaching $67,415.9. Meanwhile, renowned crypto analyst Michaël van de Poppe thinks it might go down further, to around $61,000 to $63,000 soon.

Bitcoin In Consolidation Phase: $61k Soon

Bitcoin, the flagship cryptocurrency, is currently experiencing a period of consolidation, with its price hovering within a predefined range. According to crypto analyst Michaël van de Poppe, this consolidation phase could persist for an extended period, potentially leading to Bitcoin’s price testing levels between $61,000 to $63,000. 

While Bitcoin’s consolidation phase may present challenges for short-term traders seeking volatility, it also provides opportunities for long-term investors to accumulate positions at favorable price levels. 

Ethereum Overshadowing Bitcoin

Van de Poppe’s analysis suggests that the rotation of funds from Bitcoin to Ethereum has contributed to the prolonged sideways movement of Bitcoin’s price. With the approval of all 8 spot Ethereum ETFs investors are diversifying their cryptocurrency portfolios, Ethereum has emerged as a favored alternative, attracting significant capital inflows. 

This shift in investor sentiment has created a dynamic interplay between Bitcoin and Ethereum, influencing overall market trends.

Ethereum Price Analysis 

As of now, Ethereum is trading at $3,702.11, reflecting a 5.42% decline in the last 24 hours. Despite this drop, ETH trading volume has surged by 68%, bringing its market cap to $445 billion.

Despite a recent decline, Ethereum remains strong after a rally between October 2023 and March 2024. It has climbed over 35% this year and more than 69% over the past 12 months.