Bitcoin witnessed notable price fluctuations over the past week, as its price ranged between $68,500 and $72,000.
On June 5, Bitcoin reached highs of $72,000 before undergoing a correction that stabilized its current value at around $69,500, according to CoinGecko data.
What's next for Bitcoin price?
The famous cryptocurrency analyst “Willy Woo” pointed out on the
Woo, who is followed by more than a million people on the X platform, added that there is excessive influence in the market currently.
Other analysts, such as Toby Cunningham and Jelle, shared the same view.
Despite this volatile performance, there is optimism among some experts regarding a potential rise in Bitcoin prices.
Analyst Ali Martinez drew attention to important metrics such as accumulation phases and cumulative value days (CVDD) to predict that Bitcoin could reach new highs near $90,000.
The term CVDD refers to unspent transaction output in the Bitcoin system, which is often used as an indicator of a market bottom.
When Bitcoin price touches or crosses below the CVDD line, it is usually considered a sign that selling pressure from long-term investors has exhausted and represents a buying opportunity for new investors.
In recent months, the CVDD line has been trying to catch up with the price of Bitcoin, indicating a potential upside.
Meme coins shine amid market fluctuations:
Despite the general decline in the cryptocurrency market in recent days, some cryptocurrencies stand out due to significant increases in their prices.
For example, the frog-inspired meme BRETT reached a record high of $0.20 on June 9 before falling slightly to around $0.17 currently, according to CoinGecko data.
The coin's market capitalization briefly exceeded $1.9 billion, eventually settling at around $1.7 billion, making it the 65th largest cryptocurrency and seventh in the meme category, a major accomplishment for a coin that was launched less than four months ago.
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