Bitcoin and select altcoins are attempting to break above their respective resistance levels, signaling aggressive buying by the bulls.
Bitcoin (BTC) bounced off its firm support, and the bulls are trying to push the price above the psychologically crucial level of $70,000. Several analysts believe the consolidation will resolve to the upside, and Bitcoin will rise to a new all-time high.
Veteran trader Peter Brandt said in a report that Bitcoin's halving date historically falls in the middle of the bull cycle. In 2020, the bull market started 16 months before the halving and topped out 18 months after the event. If Bitcoin follows a similar pattern, Brandt expects the cycle top to be “in the $130,000 to $150,000 range.”
Not only Bitcoin but even Ether (ETH) could surprise to the upside. According to CryptoQuant data, traders have withdrawn nearly 797,000 Ether between May 23 and June 2. Analysts expect Ether to witness a supply squeeze and hit a new all-time high after Ether exchange-traded funds start trading.
