BTC Price Set for ‘Most Parabolic Phase’ This Week
3 min read
BTC Price Set for 'Most Parabolic Phase' This Week
Bitcoin begins the week under significant pressure at key resistance levels, as the end of May approaches. The cryptocurrency is keeping traders vigilant, as historical highs present a challenge to convert into support. The looming question is whether Bitcoin can surpass the $69,000 mark by June.
The week starts quietly with Memorial Day in the United States, reducing institutional activity until May 28. Later in the week, Important U.S. economic data releases will become pivotal for both the crypto market and other risk assets. Bitcoin itself has been struggling with consolidation below its all-time highs for over two months, leaving traders and analysts in suspense. While there are optimistic predictions suggesting a potential six-figure price target for BTC/USD in 2024, concerns about a possible deeper retracement are also prevalent.
As May comes to an end, several factors emerge that could influence Bitcoin’s price movements. Over the weekend, Bitcoin briefly surged above $69,000 but then pulled back after the weekly close, according to data from Markets Pro and TradingView. This move closed its recent gap in the CME Group Bitcoin futures markets, even with the U.S. markets closed for the holiday. A noted trader, Daan Crypto Trades, remarked on the typical weekend price action. Despite the retracement, Bitcoin’s weekly close of around $68,500 marked the strongest performance since early April.
Trading resource Material Indicators emphasized the importance of turning the $69,000 level into firm support. They pointed out a new trend prediction signal indicating a downside risk. The latest data from monitoring resource CoinGlass showed significant areas of liquidity around the current price, making it difficult to predict the next move. Michaël van de Poppe, founder of MNTrading, advised traders to monitor levels closely, suggesting that losing the $66K mark could lead to a retest of lower ranges, offering another buying opportunity.
The debate continues on whether Bitcoin will break out of its current range or experience a breakdown. While there is a general consensus on a potential upward move, the extent of the rise is still debated. Predictions for $95,000 by June and $150,000 by year’s end are being discussed. BitQuant, who predicted the $95K mark, asserted that minor price dips within the current range should not be a concern. Daan Crypto Trades highlighted the historical trend where extended consolidations below all-time highs have led to bull market breakouts.
Conversely, some traders, like Credible Crypto, are preparing for a possible correction towards the $60,000 area. Material Indicators mentioned they are ready for a scenario where $60,000 comes back into play, especially given the current liquidity sentiment. They expect Bitcoin to range for an extended period before making significant moves.
Interestingly, popular trader and analyst Rekt Capital suggested that the latest Bitcoin halving has not yet been fully priced in. In a YouTube video, he discussed Bitcoin’s post-halving re-accumulation phase, which could last up to 160 days. Rekt Capital believes this consolidation phase is beneficial and will eventually lead to a robust price surge. He projected a price target of approximately $150,000 during this most parabolic phase of the cycle.
With U.S. markets closed, Bitcoin may experience limited volatility during Wall Street hours. The focus will shift towards the end of the week when the Producer Price Index (PCE) data, the Federal Reserve’s favored inflation measure, is released. Despite the mixed signals from other inflation data, U.S. stocks continue to reach record highs. Trading resource The Kobeissi Letter noted that this creates a mixed but potentially favorable environment for risk assets like Bitcoin.
Bitcoin whales, or large holders, have been particularly active as the price has neared historic highs. Vivek Sen from Bitgrow Lab noted that whale addresses have shown significant accumulation. Data from CryptoQuant indicated the balance of active whale addresses at nearly half a million BTC, the largest on record. This sustained interest from whales suggests strong underlying demand for Bitcoin, reinforcing the potential for future price rises.
Whales know best! Their active accumulation speaks volumes about Bitcoin’s potential.
Patience is key! Whether we see $69K or higher soon, Bitcoins future shines bright.
Love seeing traders like Daan Crypto Trades shedding light on these critical moments. Bitcoin’s in good hands!
Even whales are accumulating, and Bitcoin still struggles? What’s going on here? 🐋😕 Demand doesn’t seem to be helping prices much right now.
Rekt Capital’s insights into post-halving trends are thought-provoking. Bitcoin’s nearing its next big phase! 🚀🔍
Every pullback is just a setup for a stronger comeback. Holding tight for that $95K prediction! 🤞💸
Yet another ‘important’ data release week ahead… I’m preparing for more disappointment. Bitcoin’s unpredictability is exhausting.
Bitcoin can’t seem to catch a break! 😒 The constant pressure and failure to solidify support at $69,000 are so frustrating. Are we ever going to see a sustainable rally? 🚫📉
Monitoring liquidity areas is becoming such a drag 😓 Every time Bitcoin gets near $69K, it falls back—rough week ahead, I guess.
With economic data on the horizon, its going to be an interesting week for Bitcoin traders!
More economic data releases probably mean more volatility As if crypto traders needed more stress and suspense right now!
Great, another ‘important’ resistance level that Bitcoin may not convert into support. Feeling skeptical about these optimistic predictions.
Consolidation phases are the calm before the storm. Awaiting Bitcoins next big move!
I trust the whales accumulation tactics! If they’re buying, there’s something big coming.
With significant liquidity around, Bitcoin’s next move will be critical. Im betting on an upward breakout!
UGH, enough with the consolidation already! Two months of this back-and-forth below all-time highs is driving me nuts. Show us some progress, BTC!
Optimism is in the air. Even slight dips are just opportunities to stack more sats! 🌬️💬
Trend prediction signals indicating downside risks? Just what we needed. When will Bitcoin start an upward trend it can actually sustain?
Fingers crossed for a Memorial Day surprise in Bitcoin’s price action! 🎆📊
Here we go again… another week starts with Bitcoin under pressure. These historical highs are like a miragealways out of reach!
Historical highs and key resistance levels always make for a nail-biting watch in the crypto market! 📉📈
Great to see Bitcoin bouncing back stronger each time! Let’s see if it can make that new support level.
Bitcoin breaking $69K would be an epic start to June! Heres to hoping the bulls charge ahead!
Exciting times ahead for Bitcoin! Can’t wait to see if it can finally break past $69K.
Bitcoin in a range means more buying opportunities for us all! Long term, it’s all about those gains!
Loving the constructive conversations around Bitcoin’s market behavior. Ready for those six-figure targets! 💯💹
Economic releases this week will be pivotal. Bitcoin at $150,000 sounds closer than ever!
Whos ready for the Producer Price Index release? Bitcoins movements might surprise us!
So tired of hearing the same old storymore consolidation, potential dips, blah blah blah. Can Bitcoin just make a decisive move already?
Market data suggests volatility ahead, but the Bitcoin community stands strong! HODL on!
Predicting six-figure targets for 2024 is cool and all, but what about now? 🙃 If Bitcoin can’t handle $69K, how realistic are these forecasts?
Memorial Day and already I’m seeing red flags for Bitcoin Can’t say I’m optimistic about breaking $69K soon. Consistent failure to hold support is troubling.
Bitcoin’s journey to $69K is a thrilling ride. Let’s see how it handles these historical highs.
Watching Bitcoin’s price action is like watching paint dry—except it’s way more frustrating. 🥱 We need a breakout or something big, not this constant retracement.
Historical trends and consolidation always build up to explosive moves. Ready for the next BTC boom!
Weekend rally above $69K? Only to pull back again? Typical and utterly disappointing. Why can’t Bitcoin keep its gains?
As Memorial Day quiets the markets, Im optimistic about Bitcoin’s upward potential once trading resumes.
Memorial Day might be quiet, but Bitcoin never sleeps. Watching closely for that breakout!
Hanging on every market move! Bitcoin above $69K would be a game-changer.
It’s Memorial Day, and Bitcoin is already failing to hold key levels. Not a good sign. 😞📉 What’s the point of all these predictions if Bitcoin can’t maintain $69K?
Bitcoin’s resilience is remarkable! Even with current resistance, the potential upside is massive. 🌟📊
Each consolidation phase is just another chance to buy more BTC before the next surge!