Bitcoin's current market behavior is drawing significant interest due to its similarity to patterns observed in previous cycles. Analyst Satoshi Stacker discussed Bitcoin's potential major moves in his latest YouTube video and provided insights on other cryptocurrencies like Ethereum. The fund flow through Bitcoin's spot ETFs is creating significant buying pressure, which could lead to a substantial increase in Bitcoin's price.
Factors Increasing Buying Pressure
One of the main factors increasing buying pressure on Bitcoin is the capital flow through spot Bitcoin ETFs. This situation creates a bullish outlook for Bitcoin and indicates that the price could rise significantly. The MVRV (Market Value - Realized Value) ratio chart also supports this optimistic view; this ratio indicates a potential breakout from the current downtrend. Historically, such breakouts have led to significant price increases. Additionally, the reduction in selling pressure from Bitcoin miners supports price stability and growth.
Bitcoin's rise above the significant resistance level of $66,700 is also noteworthy. After a brief pullback and retest, this level has now become a support. This situation reinforced the formation of higher lows. It also showed that Bitcoin is in an upward trend despite the decline in traditional markets.
Bitcoin's Post-Halving Behavior
Analyzing Bitcoin's post-halving behavior is also important. Historically, Bitcoin tends to consolidate after halving, and this process can lead to significant price increases. This situation has become a reality observed in past cycles, where accumulating Bitcoin a year before halving proved advantageous. This consolidation phase could be a repeat of the historical trend. The analyst predicts a target price of $150,000 for Bitcoin in this cycle.
Ethereum's performance, on the other hand, is currently more stagnant. The ETH/USD pair is trading between support and resistance levels and is not showing significant movement. However, the ETH/BTC pair has declined, indicating that Bitcoin is outperforming Ethereum.
This situation is particularly noteworthy given that the spot Ethereum ETF is expected to be launched on July 23. Similar to Grayscale's Bitcoin strategy, Ethereum sales could create short-term volatility. However, in the long term, demand for Ethereum is expected to increase due to its solid use case and growing ecosystem.
