Following a 6.4% pullback from its record high of $111,980, Bitcoin has stirred debate among analysts about what comes next.
Charles Edwards, founder of Capriole Fund, believes the price action mirrors gold’s trajectory between 2009 and 2011, potentially setting the stage for a bullish breakout—if key support levels are reclaimed.
Edwards points to a crucial zone around $106,047. If Bitcoin can close above this level for two consecutive days, it could confirm a support flip similar to gold’s rally after retesting its 2008 peak. Until then, the outlook remains uncertain, though Edwards still leans cautiously optimistic for June.
Despite the correction, large holders appear unfazed. On-chain data shows that whales have been steadily accumulating BTC since February, excluding exchange and miner wallets. This trend reinforces confidence in Bitcoin’s longer-term momentum.
Supporting the bullish narrative, analyst PropheticBTC forecasts a move back to $110,000 and plans to enter a long position with a short-term horizon extending to mid-June.
As the crypto market looks for direction, macro factors like upcoming Federal Reserve remarks and political developments could influence near-term sentiment. Still, many believe that if Bitcoin repeats gold’s historical pattern, another leg up could be just around the corner.
Crypto attorney John Deaton has sparked speculation that Elon Musk and Tesla could expand their Bitcoin holdings, citing rising fiscal risks in the United States as a potential motivator.
BlackRock has executed a notable portfolio adjustment, reducing its exposure to Bitcoin while increasing its Ethereum holdings.
Omni cofounder Austin King believes the cryptocurrency industry is on the verge of a major reinvention.
Altcoins may be heading for deeper losses against Bitcoin, according to crypto market analyst Benjamin Cowen, who sees no signs of reversal in the broader trend.