BTC price has stalled below $57k as ETH steals the show with a massive rally above $3,000
Bitcoin price continues to struggle below resistance around $57k, with the world’s largest cryptocurrency by market cap outpaced by Ethereum. While the latter has surged by over 30% this past week to reach a historic $3,457 price level, BTC has retreated 3.3% and currently looks set to dip below $56,000.
While bears threaten more pain and the flagship cryptocurrency looks vulnerable to further losses, two analysts maintain that Bitcoin remains in a bullish cycle.
According to the analysts, the pullback and sideways action will end with another major rally that could take BTC above its current all-time high near $65k.
The highly respected Michael Van de Poppe recently revealed in a video analysis that several signals suggested a new rally for Bitcoin within this market cycle. According to the analyst, the continued inflow of institutional money and widespread adoption portend massive demand that might catapult BTCs price beyond the $100k level.