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Bitcoin Price Prediction – Will Consolidation 2.0 lead to higher BTC prices?

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This article presents two key scenarios that would happen to Bitcoin prices. For the past week, prices seem to have stabilized and entered a consolidation mode. What would follow this price breather? Here’s CryptoTicker’s Bitcoin Price Prediction.

Bitcoin managed to break a very important price level in the past week. This 60K psychological price is being heavily debated. Some analysts think this would be the turning point into a crash. On the other hand, other analysts think that this price level would bring Bitcoin prices even higher, aiming for the famous 100K. Which side is right? Let’s see what happened so far, analyze Bitcoin’s price from a technical point of view, and try to assess what might happen with Bitcoin prices.

Bitcoin Price Prediction – Is Bitcoin Consolidating again?

 

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Back in a previous article, we had a bullseye prediction on how Bitcoin prices will behave (figure 1). In a route called (A), Bitcoin prices gained momentum and rushed all the way from a price of USD 44,000 all the way to USD 61,900. This uptrend pushed the entire cryptocurrency market upward. In fact, this is no surprise as Bitcoin’s market dominance is currently sitting around 60.7%. Not only did we manage to predict Bitcoin’s reach of 60K, but we also warned of a potential retracement, specifically to the USD 53,600 price level. Guess what…Bitcoin did just that 😉

 

BTC/USD 4-hour chart showing BTC price retracement
Fig.1 BTC/USD 4-hour chart showing BTC price retracement – TradingView

What will happen to Bitcoin Prices?

Currently, Bitcoin is sitting at a price around USD 59,000 and is eyeing 60K again. The current short-term consolidation is delimited between USD 55,000 and USD 60,000 (psychological prices). Since the current price is approaching a strong resistance again, two potential scenarios present themselves:

  • Bitcoin prices will retrace one more time and form a double-top formation. This price-action is usually bearish and signals an upcoming downward trend in the short-term.
  • The other scenario would be Bitcoin breaking the barrier of 60K for good, and finding a new consolidation area delimited by USD 60,000 and USD 65,000.

 

BTC/USD 4-hour chart showing BTC's potential scenario of higher prices
Fig.2 BTC/USD 4-hour chart showing BTC’s potential scenario of higher prices – TradingView

Crypto Market Overview

Despite the overall market correction in the past 7 days, the crypto market is still mostly up. Many altcoins are making headlines and increase in prices. This in turn is leading Bitcoin’s market dominance to fall, and maybe slip past the usual 60% mark:

1- Bitcoin (BTC) : + 3.72 %

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2- Ether (ETH) : + 2.71 %

3- Binance Coin (BNB): – 1.99 %

4- Cardano (ADA) : + 17.79 %

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5- Tether (USDT) : 0 %

6- Polkadot (DOT) : + 6.40 %

7- Ripple (XRP) : + 5.82 %

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8- Uniswap (UNI) : + 9.72 %

9- Litecoin (LTC): – 2.88 %

10- Chainlink (LINK) : + 6.48 %

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Altcoin

Billionaire Mark Cuban Identifies Altcoin With ‘Most Upside’ As Bitcoin Blasts Above $60,000

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As Bitcoin shoots above $60,000, business magnate Mark Cuban says one altcoin stands above the rest in terms of investment potential.

In a new interview with CNBC Make It, the billionaire says that Ethereum (ETH) is the best crypto prospect on the market.

“As an investment, I think Ethereum has the most upside.”

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Cuban, who previously stated that smart contracts on Ethereum’s blockchain have revolutionized the cryptocurrency market, believes that the second-largest crypto by market cap is the digital asset which most resembles legal tender.

“I wish I had bought [Ethereum] sooner. I think it’s the closest thing we have to a true currency.”

Cuban went on to reiterate his position that Bitcoin (BTC) is superior to gold because not only is its supply scarce, but it’s easier to transfer, store, trade, and fractionalize. That sentiment is shared by fellow billionaire CEO Chamath Palihapitiya of Social Capital and Virgin Galactic.

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Cuban’s comments come on the heels of him saying that customers prefer making payments in Dogecoin (DOGE) rather than BTC at his venues because Bitcoin tends to be a highly appreciable asset.

Ethereum is exchanging hands at $3,839 at time of writing, an 11% increase from its seven-day low of $3,431, according to CoinGecko.

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ProShares Set for Bitcoin Futures ETF Launch on Monday After Apparent SEC Approval

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The US Securities and Exchange Commission has reportedly greenlit the country’s first Bitcoin futures exchange-traded fund (ETF).

ProShares, an ETF provider, filed a post-effective amendment prospectus on Friday that states the company plans to launch the BTC Futures ETF on Monday, a sign that the SEC has approved the product.

The fund doesn’t invest directly in Bitcoin, but it provides price exposure to Bitcoin futures contracts, a first in the US.

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Both Bloomberg and CNBC, citing people “familiar with the matter,” reported earlier in the week that the SEC planned to approve BTC futures ETFs from ProShares and the independent investment firm Invesco Ltd.

Invesco’s ETF is also set to provide exposure to a collection of exchange-traded products (ETPs) and private investment trusts that hold Bitcoin, rather than direct investments in BTC itself.

Last month, SEC Chairman Gary Gensler said he was open to ETFs for Bitcoin futures, noting that they are filed under mutual fund guidelines which provide “significant investor protections.”

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Bitcoin is trading at $61,549.38 at time of writing and is up 6.6% in the past day and more than 40% in the past two weeks, according to CoinGecko.

BTC hit its all-time high of $64,804.72 in mid-April.

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Bitcoin May See Real Peak If ETF Is Approved and I May Cash Out Half My ETH: CNBC’s Jim Cramer

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Jim Cramer shares a common view that Bitcoin has the opportunity to reach a short-term peak or even a real peak if Bitcoin ETFs are approved next week.

Host of CNBC’s Mad Money, Jim Cramer, has talked to Andrew Sorkin from CNBC’s Squawk Box show about the prospects of the Bitcoin price if or when four Bitcoin futures ETFs get the SEC’s approval next week.

Cramer also stated that he may cash out half of his Ethereum stash.

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SEC approval for ETF may push Bitcoin up, Cramer says

Answering Sorkin’s question, Cramer stated that a lot of people believe there is a high chance that the senior cryptocurrency, Bitcoin, may hit a short-term or even a real price peak if four BTC-based ETFs are approved by the SEC next week.

He corrected the host and said that the regulatory agency may approve not just one but four Bitcoin futures ETFs next week.

However, he stated that people are running ahead of a possible ETF approval.

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Bitcoin spikes to $59,500 as chance for ETF approval emerges

Earlier today, the flagship digital currency, Bitcoin, soared to a multi-month high of $59,500 on the Bitstamp exchange. It happened after Bloomberg released a report, saying that so far the Securities and Exchange Commission has not objected to approving multiple Bitcoin futures ETFs that were submitted to it earlier this year.

The Bloomberg article stated that the information had been confirmed by multiple sources close to the SEC and to the matter in question.

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The media giant’s ETF analyst, Eric Balchunas, believes that the likelihood of Bitcoin ETFs getting the green light has now risen to more than 90%. Still, he is not ready to “close the case” yet.

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