Bitcoin (BTC) and Ethereum (ETH) Price Analysis and Predictions: BTC Miners Reduce Selling Pressure, ETH/BTC Pair Breaks Down

Bitcoin's current behavior mirrors patterns observed in previous cycles. Analyst Satoshi Stacker took to his latest video and explained what the next major

Bitcoin’s price action has been a hot topic of discussion among crypto enthusiasts, especially with its recent surge and subsequent pullback. To gain insights into what might be next for Bitcoin, Ethereum, and other key topics, it's essential to watch this video analysis from start to finish by renowned crypto analyst Satoshi Stacker.

In his latest analysis, Satoshi discusses the continuous buying pressure on Bitcoin, which is largely attributed to the spot Bitcoin ETFs. This ETF is bringing in hundreds of millions of dollars in buying pressure each day, which is evident in the massive green volume bars on the Bitcoin price chart. This trend bodes well for Bitcoin’s bullish outlook.

Furthermore, the MVRV ratio chart, which showcases the average market value realized value, is also displaying a potential breakout from the downtrend. Historically, such breakouts have led to significant price pumps. This is because the realized value serves as a measure of the total cost basis for all Bitcoin ever sold, providing an indication of the overall market虧損 and profit. A breakout from the downtrend typically signals a shift from 亏损 to profit.

Another interesting observation highlighted by Satoshi is the reduction in selling pressure from Bitcoin miners. This is evident in the decreasing hash ribbons, which indicate that miners are holding onto their Bitcoin rather than selling it. Less selling pressure from miners can support Bitcoin’s price stability and propel its further growth.

Crucially, Bitcoin recently breached the critical resistance level of $66,700. After a brief pullback and retest, this level has now become support. Throughout this uptrend, the formation of higher lows is also noteworthy, especially considering the simultaneous downturn in traditional markets like the S&P 500.

What's Next For Bitcoin And Ethereum?

Throughout the video, Satoshi also dives into his projections for Bitcoin and Ethereum. According to his analysis, a period of consolidation followed by significant price increases is typically observed post-halving. This pattern is evident in past cycles, where traders who began accumulating one year prior to the halving experienced the most gains. In this cycle, considering the halving occurred in May 2020, traders who started accumulating around May 2019 were able to capitalize on the best returns.

Now, post-halving, we're observing another round of consolidation, which could indicate a potential repeat of the historical trend. With this, Satoshi foresees a target of $150,000 for Bitcoin in this cycle.

As for Ethereum, the ETH/USD pair is currently sandwiched between support and resistance levels, showing no significant movement. However, the ETH/BTC pair is breaking down, which indicates Bitcoin’s outperformance over Ethereum. This is particularly interesting in the context of the upcoming launch of the spot Ethereum ETF on the 23rd.

With the spot ETF, we might initially see Grayscale selling Ethereum, which is a strategy they also employed with the Bitcoin ETF. They gradually shifted from being a buyer to a seller of Bitcoin. However, despite this, the long-term demand for Ethereum is expected to increase.

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