Exciting news from the Bitcoin world! According to analyst Satoshi Stacker, Bitcoin is mirroring patterns observed in previous cycles, hinting at a significant upward move. In his latest video, Satoshi delves into the continuous buying pressure on Bitcoin driven by spot Bitcoin ETFs, with hundreds of millions of dollars pouring in daily. This influx is creating a bullish outlook for Bitcoin. Moreover, the MVRV ratio chart suggests the potential for an upward breakout from the current downtrend, historically leading to massive price jumps. Another positive sign is that Bitcoin miners have reduced their selling pressure, which could further stabilize and boost Bitcoin’s price.
Recently, Bitcoin broke above the critical resistance level of $66,700. After a brief pullback and retest, this level now acts as support. The formation of higher lows indicates an upward trend, especially remarkable given the downturn in traditional markets.
What’s next for Bitcoin and Ethereum? Historically, Bitcoin’s behavior post-halving involves a consolidation period followed by significant price increases. This pattern is evident in past cycles, where accumulation a year before the halving proved advantageous. The current consolidation phase hints at a potential repeat of this trend, with a forecasted target of $150,000 for Bitcoin in this cycle.
For Ethereum, things are a bit different. The ETH/USD pair is currently between support and resistance levels, showing no significant movement. However, the ETH/BTC pair is breaking down, indicating Bitcoin’s outperformance over Ethereum. This is particularly intriguing with the upcoming launch of the spot Ethereum ETF on the 23rd. Despite initial selling pressure, long-term demand for Ethereum is expected to rise.
So, if you’re tracking Bitcoin or Ethereum, keep an eye on these developments. They could have a big impact on your investment strategy!
