Bitcoin price ( $BTC ) experienced a significant uptrend last week with an increase of around 12.8%. This increase is attributed to factors such as expectations for the Ethereum ETF Spot fund and Donald Trump's acceptance of Bitcoin for election donations.
Expert views on Bitcoin
Despite the strong price increase last week, Bitcoin has dropped slightly by 1.8% in the past 24 hours, from a high of $71,422 to $69,823. Although the general trend is still up, there are signs that the market may decline in the short term. Cryptocurrency analyst Rekt Capital has shared a cautious view on the Bitcoin market following this volatility.
Rekt Capital believes that Bitcoin could continue to fluctuate in its current range for several more weeks based on historical patterns. The key price level to watch is around $71,500. If Bitcoin breaks above this level and closes the week above $71,500, a new breakout is possible.
Rekt Capital also added that Bitcoin's long-term consolidation is consistent with previous halving cycles and could prolong the bull run. The current cycle of around 190 days could represent a recovery from the 260-day rally in mid-March when Bitcoin hit its ATH.
Investor behavior towards BTC
According to CryptoQuant, CEO Ki Young Ju said that even when the price of Bitcoin increased to about 70,000 USD, many Bitcoin holders still did not want to sell. This shows that Bitcoin is increasingly seen as a store of value asset.
Ki Young Ju also pointed out that the Bitcoin holding rate shows that investors are increasingly considering BTC as a long-term investment. This further strengthens the belief that Bitcoin can continue to increase in price in the future.
