Bitcoin to Consolidate Near $68K Before Surging to New ATH, Analysts Predict

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Bitcoin (BTC), the world’s most valuable cryptocurrency, dropped to $69,000 from $71,000 early Wednesday. Other popular altcoins like Ethereum (ETH), Solana (SOL), and Ripple (XRP) showed mixed performance. Meanwhile, a well-known crypto analyst predicts that Bitcoin will consolidate at $68,000 before reaching a new all-time high.

Silent Bitcoin Buying Hints ATH

Renowned crypto analyst Willy Woo highlighted a significant development in the Bitcoin market that has largely gone unnoticed. While many investors have been concerned about Bitcoin’s price surge for over the past two months, savvy traders have been quietly buying Bitcoin. 

Despite Bitcoin’s lackluster price movement recently, available BTC has been steadily scooped up by investors. This accumulation has occurred without the creation of “paper BTC”—synthetic versions of the cryptocurrency that can inflate supply without actual coins backing them. 

While everyone was freaking out that #Bitcoin price was not rising the last 2 months, available BTC was quietly being scooped up, and importantly without paper BTC printed in its place.

Last time I'll say it… It's only a matter of time before BTC squeezes past all-time-highs. https://t.co/j2FJs7bSpc pic.twitter.com/HoPSSJfHqz

— Willy Woo (@woonomic) May 22, 2024

The absence of this artificial supply has significant implications for the market, pointing to genuine demand and a potential squeeze.

According to Woo, this silent buying trend indicates that Bitcoin is poised for a breakout. He confidently states that it’s only a matter of time before BTC surpasses its previous all-time highs.

Bitcoin to Consolidate to $68k

On the flip side, another prominent crypto analyst Michaël van de Poppe expressed an expectation for Bitcoin to retest the $68,000 mark before resuming its upward trajectory. This anticipated retest is seen as a natural part of Bitcoin’s consolidation phase, which often occurs before significant price movements.

#Bitcoin slowly consolidating.

Expecting a retest at the $68K mark, before a continuation upwards.

The trend is clearly upwards. pic.twitter.com/hmtsxdKTxe

— Michaël van de Poppe (@CryptoMichNL) May 22, 2024

Are Dips Supported In BTC?

If Bitcoin doesn’t climb above the $71,200 resistance, it may continue to drop. 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 level is at $69k, with the main support forming near $68,800, aligning with the 50% Fibonacci retracement of the recent upward wave. Further losses could push the price toward the $67,300 support zone.

As of now, bitcoin is trading at $69,910, marking a week-long surge of 11.84%. However, its 24-hour trading volume declined by 34% to $36 billion, with a market cap of $1.37 Trillion.