Bitcoin trades sideways while TON, RNDR, PEPE and AR flash bullish signs
Bitcoin price looks stuck in the near term, but TON, RNDR, PEPE and AR could surprise traders by making a strong upside move.
Bitcoin (BTC) could not hold its recovery this week, signaling that the bears have not given up and are using the rallies to sell. Bitcoin is on track to finish the week with a loss of more than 4%. The longer the price stays closer to $60,000, the greater the possibility of a downside breakdown.
However, analysts remain bullish on the price action in the post-halving cycle. According to Cane Island Alternative Advisors founder and investment manager Timothy Peterson, Bitcoin could soar to anywhere “between $175,000 – $350,000 in the next 9 months.” Peterson cautioned in a X post that “this bull market will end in January 2025.”
Despite the sideways price action, select traditional finance companies are adding Bitcoin to their portfolio. JPMorgan Chase and Wells Fargo reported exposure to spot Bitcoin exchange-traded funds in their May 10 filing with the United States Securities and Exchange Commission. Although the allocation to Bitcoin is small, it looks to be a step in the right direction.
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Author: Rakesh Upadhyay
