Key Points
- Despite ETF inflows and SEC’s Ethereum ETF approval, the crypto market faced a downturn.
- Traders anticipate a rise in Bitcoin’s value despite its recent drop to $67k.
Bitcoin [BTC] spot exchange-traded funds (ETFs) saw inflows totaling $107.9 million on the 23rd of May. However, BTC seems to be facing a bearish trend.
Major altcoins also experienced a downturn, indicating a widespread dip in the crypto market.
Anticipation of a Bullish Trend
Despite the selling pressure, some traders predict a significant rise in value soon. One trader, Mags, provided further analysis on BTC’s current price action.
Independent analyst Jelle echoed this sentiment, drawing a pattern with BTC’s previous cycles. He predicted that once Bitcoin breaks its 2021 all-time high, it could reach $100,000.
Contrary to these expectations, Bitcoin was down by 3.71% at the time, trading at the $67,000 level.
Technical Indicators Show Bullish Sentiment
Despite the negative price action, key technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) line confirm a bullish sentiment.
During a recent livestream with Jack Mallers, founder and CEO of Strike, Anthony Pompliano questioned Mallers about Wall Street’s preference for Bitcoin over other assets.
Mallers responded that Bitcoin is the best expression of fiat debasement, being the antithesis of fiat currency. He suggested that Bitcoin could reach between 250k to a million in this cycle.
This exchange suggests a potential bullish trend for Bitcoin, confirmed by Augmento’s data on social media discussions. With a BTC sentiment score of 0.792 on Augmento’s scale, the latest data indicates a prevailing bullish sentiment for Bitcoin.
