Analysts Warn to Be Cautious as Bitcoin Rises Above $66,000!
Despite some signs of consolidation in Bitcoin, market watchers predict more volatility ahead.
Bitcoin (BTC) made a significant move towards the $66,000 level today, continuing the ongoing volatility in the cryptocurrency market.
Bitcoin Tests $66K as Analysts Expect More Volatility Before Calm
Market watchers predict more volatility ahead, despite some signs of consolidation.
Pythagoras Investments Capital Formation Director Semir Gabeljic drew attention to the recent fluctuation in Bitcoin, referring to the 10% drop experienced at the beginning of the week.
Gabeljic attributed this volatility to spot Bitcoin ETF outflows of approximately $300 million from Grayscale Bitcoin Trust (GBTC) on March 20.
He noted that such declines are typical before Bitcoin halving events and that he expects further volatility ahead of the next halving.
In a market analysis published today, Singapore-based QCP Capital suggested that Bitcoin and Ethereum are trading in a relatively narrow range, pointing to a potential market breakout over the weekend following last week's pre-FOMC (Federal Open Market Committee) volatility.
