Bitcoin Could Retest $31,300, but ETF Inflows May Counter Contraction
A popular trader and technical analyst, CryptoCon, has analyzed Bitcoin’s historical patterns and suggests that BTC could retest the $31,300 level this year. According to CryptoCon, every Bitcoin cycle has seen a retest of the 150% long-term holder support line, which is considered a reliable indicator of market behavior. The recovery from the 2020 black swan event also confirmed the significance of this support line.
Based on this metric, CryptoCon believes that Bitcoin will likely visit the $31,300 level. However, the emergence of ETF inflows could counter further price drops. If BTC does test these levels, it should be seen as a buying opportunity.
“It’s true that we’ve never seen ETF inflow before, so we can only wait and watch to see the effects it will have. In the event of a retest of this support, it should be looked at as a buying opportunity for those who need it.”
When New ATH?
CryptoCon maintains a bullish projection for Bitcoin in 2025 when many analysts believe BTC will reach new all-time highs (ATHs). These projections are based on data indicating patterns in the accumulation and decline of active coins held for 2-3 years throughout each cycle.
Other market observers have different BTC price predictions. Markus Thielen believes BTC could reach $70K by the end of the year, while DecenTrader predicts another 10% drop in BTC’s spot price before reaching an ATH toward the end of this year.
In other news, MicroStrategy continues to increase its Bitcoin holdings and now holds 190,000 BTC.
Hot Take: Bitcoin’s Retest and ETF Inflows
According to CryptoCon’s analysis, Bitcoin could retest the $31,300 level based on historical patterns. However, the emergence of ETF inflows may counter further contraction. This presents a potential buying opportunity if BTC tests these levels. Analysts have varying predictions for BTC’s future, with some expecting new ATHs in 2025. MicroStrategy’s continuous increase in Bitcoin holdings also indicates confidence in the cryptocurrency. Overall, it will be interesting to see how BTC’s price and market behavior unfold in the coming months.
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