Bitcoin (BTC), the world’s most valuable cryptocurrency, dropped to $69,000 from $71,000 early Wednesday. Other popular altcoins like Ethereum (ETH), Solana (SOL), and Ripple (XRP) showed mixed performance.
Meanwhile, a well-known crypto analyst predicts that Bitcoin will consolidate at $68,000 before reaching a new all-time high.
While headlines blare about price fluctuations, a fascinating development has flown under the radar – a silent buying spree by savvy investors. Renowned crypto analyst Willy Woo points out a surge in actual Bitcoin purchases, indicating genuine demand rather than speculation.
This is particularly noteworthy because these purchases haven’t involved “paper BTC” – synthetic versions that inflate supply without real coins backing them. This lack of artificial manipulation suggests a healthy market poised for a potential surge.
Woo interprets this silent accumulation as a precursor to a breakout. He confidently predicts that Bitcoin is on track to surpass its previous all-time highs, it’s just a matter of “when,” not “if.”
Another prominent analyst, Michaël Van de Poppe, offers a different perspective. He anticipates Bitcoin to revisit the $68,000 mark before resuming its upward climb. This “retest” is viewed as a normal part of Bitcoin’s consolidation phase, often seen before significant price movements.
If Bitcoin doesn’t climb above the $71,200 resistance, it may continue to drop. Immediate support is near $69,200. The MACD is losing bullish momentum, and the hourly RSI for BTC/USD is just above 50.
However, the first major support level is at $69k, with the main support forming near $68,800, aligning with the 50% Fibonacci retracement of the recent upward wave. Further losses could push the price toward the $67,300 support zone.
It’s important to remember that Bitcoin is still up a staggering 11.84% over the past week. While the 24-hour trading volume has dipped, its market cap remains a robust $1.37 trillion.
So, is this a buying opportunity or a sign of a correction? Only time will tell.
Also Check Out : Bitcoin Losing Strength: Why Bulls Are Falling Short of Strength Amid Positive Market Sentiments?
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