🚀🚀🚀 #bitcoin Price Forecast: $65k Rally or $59k Reversal in the Week Ahead?
Bitcoin opened trading at $62,000 on May 13, marking a 4% weekend increase. However, key on-chain metrics signal potential volatility ahead.
As #BitcoinETF inflows slow and miners start selling off reserves due to the halving's impact, the market faces heightened risk of volatility.
Over the past 10 days, Bitcoin price has ranged between $59,000 and $63,000. With over $200 million outflows from Grayscale's GBTC ETF and declining inflows into new spot BTC funds, downward pressure has mounted.
Bitcoin miners have sold over 100,000 BTC since May 3, reducing their balances from 1.93 million to 1.92 million BTC as of May 13. At $62,300 per coin, this represents over $623 million in sales in 10 days.
The halving event has slashed miners' revenue per block, prompting many to sell reserves to cover costs amid stagnant outflows from #grayscale 's GBTC ETF.
If Bitcoin fails to see a significant price increase, miners may continue selling, risking a reversal below $60,000.
This sell-off could deter strategic traders from investing further to avoid market inflation from new BTC issuance.
BTC's price forecast suggests a possible reversal towards $58,000, with support expected around $59,600. If this level fails, $BTC could drop further.
On the upside, a rally to $65,000 may occur if Bitcoin ETFs see strong inflows. However, continued miner sell-offs may keep BTC consolidating below $64,000.
Remember, investing in cryptocurrencies is highly speculative and involves a significant risk of loss. You should never invest more than you can afford to lose also do your own research.
Source - thecryptobasic.com
