Bitcoin saw a notable 14% increase last week, sparking optimism among investors for a potential market rise with expectations of Bitcoin reaching up to $90,000 without undergoing another correction. The drop in Bitcoin's price from its all-time high of $73,738 on May 2 to $58,000, a 21% decrease, is viewed as a necessary correction paving the way for higher future prices.

Reasons Behind Bitcoin's Uphill Trend

Analyzing Bitcoin's recent bullish trend, analyst Roman pointed out a strong indication of avoiding further consolidation until surpassing the March 12 all-time high of $73,679 by at least 20%. Roman expressed confidence in Bitcoin's price potential, mentioning a target range of $90,000-100,000 before anticipating any consolidation or correction.

According to CoinMarketCap data, the bullish reversal pattern closed at $66,278 on May 20, signaling positive momentum despite recent downtrends. Current Bitcoin trading stands at $69,797.

The recent surge in Bitcoin's price coincided with speculations surrounding the approval of Ethereum exchange-traded funds by the United States Securities and Exchange Commission, which has been a topic of scrutiny within the community. This speculation resulted in increased market sentiment, with the Crypto Fear and Greed Index reaching a score of 76, indicating Extreme Greed on May 21.

Impact of ETH ETF News on the Market

Following the SEC's call to expedite Ethereum ETF filings on May 20, positive sentiments led to a surge in Ethereum's price, influencing Bitcoin's price as well. However, John Glover, Ledn Chief Investment Officer, highlighted the unexpected impact of Ethereum news on Bitcoin's price, predicting potential volatility before hitting new record levels.

Glover anticipated market profit-taking, which could temporarily lower Bitcoin's price to $71,000 in the near future. Despite the optimistic market sentiment, data from CoinGlass suggests that crypto investors are bracing for a minor price dip in Bitcoin, potentially wiping out both short and long positions in the market.

This analysis was originally published on COINTURK NEWS.