Willy Woo, an analyst at BTIG Research says the Bitcoin market could enter another period of prolonged consolidation if more purchasing pressure is not applied this week.
Bitcoins strength (BTCFrom $75,000 in April to just under $112,000 at the end of May “is starting to break down,” Woo wrote X is on 28 May.
“This week is absolutely critical,” “He said” “If we do not get follow-through, then we will be up for another consolidation period.”
Woo stated that Woo would be able to deliver in the near term. “late comer speculators” Take long positions to maximize your potential profits “is ready to dump” The Bitcoin Spent-Output Profit Ratio is an example of this. It measures the amount paid divided by what was sold.
“This week’s spot buying will strongly influence the next 1-2 months of price action. We are in a pivot zone.”
Positively, the signal of risk is going down, explained the economist. “buy-side liquidity is dominating” In the wider environment “We are setting up for another solid run on the long time frame,” “He said”
Related: Bitcoin price will reach $130K or even $1.5M, top bulls say
Bitunix’s analysts told Cointelegraph that the recent improvement in US consumer confidence may boost short-term market appetite for risk, according to a Cointelegraph note.
“We need to be alert to the technical pressure zone and the risk of a potential pullback,” They said that the short-term pressure on Bitcoin is at around $110 800, which is where the majority of past recoveries have ended, and is also the center of the battle between bulls and bears.
“Support at $108,000 is the main long defense zone over the past two days. If it breaks down, it may trigger profit-taking pressure and turn into a short bias structure.”
Big Bitcoin Price Predictions
In the meantime, Donald Trump has been criticized for his eldest sonsDonald Jr. and Eric think Bitcoin can reach $170,000 before the year 2026. predictions On stage at the Bitcoin2025 Conference in Las Vegas, May 28, 2018.
Bitcoin’s founder Adam Back made an even more bold prediction: BTC would go to $1,000. $1 million In 5 Years
Bitcoin is currently trading for $107,785 at Coinbase. according Tradingview is a great trading platform.
The stock has fallen 1.2% in the last 24 hours, and it failed to increase its momentum beyond $108,000 at early trade on Tuesday 29th May.
Magazine: Bitcoin bears eye $69K, CZ denies WLF ‘fixer’ rumors: Hodler’s Digest
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Source: cointelegraph.com
