Bitcoin is weaving through a consolidation phase since marking a new all-time high of $73,777 in mid-March. Since then, Bitcoin’s daily closing prices have exhibited significant restraint, never sealing above $71,500 and maintaining a floor above $54,000, though it has seen a major intraday low touching $49,000. This consolidation phase has nudged the Fear and Greed Index towards a cautious “fear” score of 30, revealing an atmosphere of apprehension amongst traders who find themselves frequently whipsawed by the volatile market dynamics. Is $60,000 The New $10,000 For Bitcoin Price? Despite the prevailing market nerves, some market experts believe that this is a potential buying opportunity, reminiscent of similar market conditions seen in 2019. Bloomberg ETF expert James Seyffart remarked via X: “Bitcoin right now around $50k-$70k over the last 6 months kinda sorta reminds of BTC trading around $7k – $10k from mid 2019 through early to mid 2020.” Related Reading: Expert Explains Why Bitcoin Price Could Explode To $1 Million This Cycle He acknowledges the complexities of comparing historical and current charts, emphasizing that while historical patterns should not dictate future outcomes, the comparative dynamics offer insigh ..
Support the originator by clicking the read the rest link below.