Bitcoin (BTC) prices have been relatively stable over the past 24 hours, trading around the $70,000 level amid a lack of significant catalysts after a volatile week. Despite briefly topping $71,000 on Tuesday, prices have since eased and remain stable ahead of the major options expiration on Friday.
Mike Novogratz, CEO and founder of Galaxy Digital, expects Bitcoin to consolidate between $58,000 and $75,000 in the near future before the next move higher. In an interview, Novogratz said, “Prices will consolidate for a while between $75,000 and maybe $62,000 or even $58,000.”
He attributes this consolidation to massive "boomer wealth" and national debt concerns, which could drive additional demand for bitcoin over the next four years.
Novogratz points out that the current economic climate, with the government adding $1 trillion to the debt every 100 days, allows financial advisors to recommend putting a small percentage of their clients' net worth into Bitcoin. He expects a full accumulation period to occur within the next four years.
As for Bitcoin, the price remains stable at around $70,000, facing resistance around $71,500 and support at $69,000 and $68,400.
Technical indicators suggest that Bitcoin could begin a fresh rally if it breaks through the $71,500 resistance zone.
However, failure to rise above this level could result in a fall, with immediate support at $69,200 and $68,400 followed by $67,500. If there is a close below $67,500, the price could fall towards the $66,000 support zone in the near future.
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