A well-known trader has made a bold prediction about Bitcoin’s future, stating that the cryptocurrency could reach $90k or even $100k before experiencing its next consolidation period. The trader also believes that the recent pullback in price was actually beneficial for future price increases.
The current surge in the market is said to be driven by speculation surrounding the potential approval of a spot Ether exchange-traded fund (ETF) in the United States. Bitcoin recently made a strong comeback, reaching the $70k mark after a spinning top candlestick signaled a bullish reversal pattern. However, the asset saw a 2% decline in its daily trading volume, bringing its price down to $69k at the time of writing.
Despite this decline, Bitcoin has still yielded a 12% weekly profit for investors and has an overall return on investment of over 113 million percent. Pseudonymous trader “Roman” believes that the current price action is indicative of a true market pump, as both fundamental and technical indicators are aligning. According to Roman, the correction Bitcoin experienced from its all-time high price of $73,738 to $58,000 was necessary for future price increases.
Having already witnessed the bottom during the previous consolidation period, Roman is confident that the current bullish reversal will continue until Bitcoin surpasses its March 12 all-time high by at least 20%. He predicts that the next price targets for Bitcoin are $90k and $100k.
The surge in Bitcoin’s price is believed to be driven by speculation surrounding the potential approval of spot Ether ETFs by the US Securities and Exchange Commission (SEC). Market insiders have revised their odds of approval from 25% to 75%, and the SEC has urged Ether ETF applicants to expedite their filings. The positive sentiment has led to a significant increase in the Crypto Fear and Greed Index, indicating extreme greed in the market.
While the impact of these speculations on Bitcoin’s price is interesting, some experts anticipate that there may be volatility before a new all-time high is reached. It is possible that profit-taking in the market could lead to a temporary decline in Bitcoin’s price from its current level of $71,000.
In conclusion, the future of Bitcoin looks promising, with the potential for significant price increases and the influence of Ether ETF speculations driving the current market surge.