Bitcoin is currently trading around $109,000 after hitting a new all-time high of almost $112,000.
Of course, many Bitcoin prognosticators are sharing their predictions regarding near-term and longer-term price expectations. One big holder anticipates Bitcoin to be measured in the millions of dollars in the not-so-distant future.
Much of the interest in the world’s most popular crypto is being driven by the new acceptance by the US government. Following the anti-crypto policy of the Biden Administration, the Trump Administration has embraced digital assets to the point that the President’s family has launched crypto endeavors.
Bitfinex analysts have shared their thoughts on Bitcoin, anticipating a near-term pause in volatility. The group states:
“The rally to new all-time highs also marks a major technical and psychological milestone—Bitcoin has now climbed over 50 percent from the April lows that followed the April 2nd, ‘Liberation Dayʼ sell-off. What makes this recovery particularly remarkable is the pace and consistency of the move. Bitcoin has now logged seven consecutive green weekly closes—the longest such streak since October 2023—underscoring the strength of current market momentum. This kind of unbroken bullish advance is rare, especially amid a backdrop of geopolitical and macroeconomic uncertainty.”
As the move higher has been dramatic, Bitfinex anticipates that upside volatility to “cool temporarily.”
“A period of consolidation or mild retracement would not only be healthy but also provide a more sustainable foundation for the next leg higher. BTC has now entered a short-term range-bound phase as leveraged positions reset and spot demand consolidates while macro catalysts shape up heading into June.”
Bitfinex believes that Bitcoin must consolidate above $95,000 to hold gains. Over the next few weeks, the price action will determine whether the recent move higher is sustainable or if we require more time for a more aggressive move.