🚀🚀🚀 #bitcoin ’s recent price move is the ‘real deal market pump’ to $90K
Bitcoin surged 14% over the past week, leading traders to anticipate a significant market rally, with no major correction expected until it reaches $90,000. Crypto trader "Roman" told Cointelegraph that the recent 21% correction from Bitcoin's all-time high of $73,738 to $58,000 on May 2 was necessary for future price increases. He pointed out a "bullish reversal pattern" in Bitcoin's chart, suggesting that Bitcoin won't consolidate again until it exceeds its March 12 high by at least 20%.
Roman predicts Bitcoin will reach $90,000 to $100,000 before another correction. The bullish reversal was signaled by a spinning top candlestick on May 20, closing at $66,278. Currently, Bitcoin is trading at $70,140.
The recent spike coincides with speculation that the U.S. SEC might approve spot Ether ETFs, boosting market sentiment.
This is reflected in the Crypto Fear and Greed Index, which
jumped to an "Extreme Greed" score of 76 on May 21. Reports indicate the SEC urged Ether ETF applicants to expedite their filings on May 20, contributing to the positive sentiment.
Ledn's chief investment officer, John Glover, noted it was surprising to see Bitcoin's price rise alongside Ether due to the SEC news, as Ether ETF approval shouldn't directly impact Bitcoin demand. Glover expects some market volatility and profit-taking to push Bitcoin prices down from the $71,000 level in the coming days.
Despite the positive outlook, traders are preparing for a slight dip before Bitcoin continues its upward trend. CoinGlass liquidation data suggests a 1% increase to $71,000 could trigger $766.73 million in short position liquidations, while a 1% decrease to $69,400 could result in $101.54 million in long position liquidations.
Source - cointelegraph.com
