A top crypto analyst has made a bold prediction for Bitcoin (BTC), stating that the price might be prime for a reversal in the coming week. This prediction comes at a time when the largest cryptocurrency by market cap is experiencing bearish sentiment among investors.
While the general crypto market suffers the same fate, investors are hopeful for a potential rally that looks to be on the horizon according to the recent analysis by the expert. The rally is expected to be catalyzed by major events in the crypto space including the potential approval of a spot Ethereum ETF by the Securities and Exchange Commission.
Bitcoin Price Reversal Imminent?
Earlier today, Michael van de Poppe, the CIO and Founder of MN Trading and a prominent cryptocurrency analyst, shared his thoughts on the Bitcoin price on X (formerly Twitter). According to him, Bitcoin (BTC) is likely to fall again to the $60,000 zone before picking up momentum that will set it up for a bullish divergence.
He pointed out that the reversal will probably come next week after the awaited approval of the Spot Ethereum ETF by the US regulatory body. This implies that the approval will not only boost the price of Ethereum, but the ripple effect will reach Bitcoin and possibly other cryptocurrencies in the market.
This would likely be the case for #Bitcoin.Preferably we sweep the $60K area where a bullish divergence kicks in.Reversal coming from next week with the impending Ethereum ETF listing. pic.twitter.com/f3RlCzW2gv
— Michaël van de Poppe (@CryptoMichNL) June 27, 2024
Industry giants as well as investors are hoping for the approval of the ETH spot ETF. If this happens, the price of ETH could skyrocket mirroring the price trajectory of Bitcoin following its ETF approval in January 2024. Interestingly, this prediction comes amid heightened Bitcoin whale activities in recent days, particularly from notable governments.
Recall that Coinfomania reported that the German government offloaded a significant 400 BTC (valued at $24.34 million) to both Coinbase and Kraken exchanges. A few days later, the United States government dumped a staggering 3,940 seized BTC (worth $240 million) into the Coinbase Prime wallet. These two transactions have caused huge selling pressure on the flagship cryptocurrency. Also, the failed crypto exchange, Mt. Gox, has announced that it will commence repayment in Bitcoin and Bitcoin Cash to its creditors from July 2.
Additionally, Bitcoin miners are reportedly selling off their holdings, raising concerns among market participants. According to a recent post on X, Bitcoin miners have sold over $1 billion worth of Bitcoins this year.
Bitcoin Price Trajectory
Meanwhile, amid the news of hefty sales and potential price reversal, Bitcoin has suffered a significant loss in value over the past month. According to data from CoinMarketCap, the price of Bitcoin is currently at $61,704, signifying a 0.46% uptick in the last 24 hours. However, disregarding the jump, the 24-hour trading volume is currently down by 0.10% to $23.27 billion.
Source: CoinMarketCap
In hindsight, the price of Bitcoin (BTC) has dropped by 4.78% in the last seven days and by 12.54% in the last 30 days. What is more, BTC has traded in the range of $60,606. and $62,314 in the last 24 hours, representing a 16.6% drop from its all-time high of $73,737 reached four months ago, in March 2024.
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