Crypto analyst Michaël van de Poppe believes that Bitcoin (BTC) is on the verge of experiencing significant price action. The analysis points out a critical support level at $60.5K, indicating that if Bitcoin manages to remain above this level, it could lead to a potential rally towards $70K within the next 1-2 months.

Amidst the current consolidation in Bitcoin's price, maintaining support above $60.5K is essential for signaling further bullish momentum, potentially pushing the price to $70K. This optimistic outlook suggests a positive trend in the cryptocurrency market.

Willy Woo, another prominent analyst, noted a notable increase in buying activity among high-net-worth Bitcoin holders in recent months, particularly within the price range of $60,000 to $70,000. This surge in acquisitions by individuals holding significant amounts of BTC indicates a strong belief in Bitcoin's growth potential and highlights institutional and sophisticated investor interest in the cryptocurrency market dynamics.

At the moment, the price of Bitcoin stands at $64,120.54, showing a slight decline within the last 24 hours. Despite this drop, trading volume has surged by 27.42%, amounting to $28 billion, while Bitcoin's market cap remains at $1.26 trillion.