Bitcoin (BTC), the world’s most valuable cryptocurrency, fell to $69,000 from $71,000 early Wednesday. Other popular Altcoin such as Ethereum (ETH), Solana (SOL) and Ripple (XRP) had mixed performances.
Meanwhile, Bitcoin analysis predicts that it will consolidate at $68,000 before reaching new all-time highs.
Low-key accumulation
While the headlines were reporting on the price fluctuations, a fascinating development was happening quietly under the radar — savvy investors were quietly buying like crazy. Actual Bitcoin purchases were surging, indicating real demand rather than speculation.
This is particularly noteworthy because these purchases do not involve "paper bitcoin" - synthetic versions that increase supply without the backing of real currency. The lack of human manipulation indicates a healthy market that is poised for a potential surge.
Woo interpreted this silent accumulation as a precursor to a breakout. Confidently predicting that it is only a matter of “when”, not “if”, that Bitcoin will surpass its previous all-time high.
Price Prediction: Consolidation or Correction?
This is a view put forward by well-known analyst Michaël Van de Poppe. He expects Bitcoin to re-touch the $68,000 mark before resuming its upward climb. Such "retests" are seen as a normal part of Bitcoin's consolidation phase and usually precede large price movements.
Technical analysis: where do we go next?
If Bitcoin fails to clear the $71,200 resistance, it is likely to continue its decline. An immediate support is near $69,200. The MACD is losing bullish momentum and the hourly RSI for BTC/USD is just above 50.
However, the first major support is at $69,000 and the main support is formed near $68,800, which coincides with the 50% Fibonacci retracement level of the recent upward wave. Further losses could push the price towards the $67,300 support area.
It’s important to remember that Bitcoin is still up 11.84% over the past week, and despite a drop in 24-hour trading volume, its market cap remains strong at $1.37 trillion.
