Bitcoin (BTC) Price Prediction: BTC Wavers as Recent Rally Loses Steam, What\'s Next?

Cryptocurrency prices wavered on Thursday morning as the recent rally lost steam. Bitcoin moved slightly below the resistance point at $65,000 while the 24-hour volume dropped by 20.9%.

Cryptocurrency prices remained largely unchanged on Thursday morning as the recent rally lost steam. Bitcoin moved slightly below the resistance point at $65,000 as the 24-hour volume dropped by 20.9%. Other altcoin prices moved downwards as well.

Bitcoin’s retreat coincided with the softness in Wall Street as the Dow Jones, Nasdaq 100, and S&P 500 indices pared back their recent gains.

Still, there are numerous catalysts that could push Bitcoin higher in the next few days. First, there are signs that stablecoins have started moving back into the market. Data shows that their market caps have risen to a record high, which is a positive sign for Bitcoin and other altcoins since they are used to handle transactions.

Second, whale activity is increasing. Recent data showed that many whale wallets have been adding Bitcoin into their wallets. These wallets have added 1.45 million Bitcoins this year, a substantial amount.

Third, there are geopolitical signs that could affect Bitcoin prices. In a statement, Donald Trump warned that we are on a brink of World War 3, a move that could be attractive to Bitcoin, which is often seen as a safe haven.

Meanwhile, technicals are supportive, as shown in the chart below. Bitcoin price has formed a falling broadening wedge chart pattern shown in green. In most cases, this is usually one of the most bullish signs in the market.

Also, it has formed a three drives pattern shown in purple. If this pattern works well, it could be a bullish sign since it is now in the third wave. On top of this, Bitcoin has remained above the 100-day and 200-day moving averages.

Therefore, Bitcoin price will likely continue rising as buyers target the upper side of the falling wedge at $71,300.

Such a move would be a good one for most altcoins since they usually rally when Bitcoin is doing well. Some of the most notable altcoins that could benefit are IOTA, EOS, and Celestia TIA.

IOTA and EOS token prices have risen by over 33% from its lowest point this year but they remain sharply below their YTD highs. Celestia has jumped by 51% and remains significantly lower than the YTD high. Therefore, Bitcoin’s rebound will lead to more upside in the coming weeks.

The above is the detailed content of Bitcoin (BTC) Price Prediction: BTC Wavers as Recent Rally Loses Steam, What\'s Next?. For more information, please follow other related articles on the PHP Chinese website!