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<p>The post <a href="https://coinpedia.org/news/bitcoin-facing-consolidation-phase-legendary-crypto-analyst-predicts-btc-to-drop-to-61k-soon/">Bitcoin Slumps on Interest Rate Fears, Ethereum Steals Spotlight</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin’s price dropped on Friday, moving away from recent highs due to worries about high U.S. interest rates. his decline overshadowed a significant development in the <a href="https://coinpedia.org/news/big-win-for-ethereum-as-the-sec-approved-spot-ethereum-etfs/" target="_blank" rel="noreferrer noopener">approval of exchange-traded funds (ETFs)</a> directly tracking Ether in the United States.</p> 
<p>Despite some gains earlier in the week, <a href="https://markets.coinpedia.org/bitcoin/">Bitcoin</a> faced a 3.2% decline in the past 24 hours, settling at $67,415.9. Crypto expert Michaël van de Poppe foresees a further slide, suggesting figures around $61,000 to $63,000 in the near term.</p> 
<h2 class="wp-block-heading" id="h-consolidation-phase-bitcoin-s-current-status"><strong>Consolidation Phase: Bitcoin’s Current Status</strong></h2> 
<p>Bitcoin, the leading cryptocurrency, finds itself in a consolidation phase, with its value hovering within a certain range. Analyst Michaël van de Poppe believes this phase could last a while, possibly pushing Bitcoin’s value to test levels between $61,000 to $63,000.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is consolidating, and it's within the range.<br><br>Probably that consolidation will be taking place for a longer period and I suspect we might see $61-63K even. <br><br>Rotation from Bitcoin to Ethereum causing a longer sideways period. <br><br>It's fine. Simply DCA. <a href="https://t.co/7hb77dNEKx">pic.twitter.com/7hb77dNEKx</a></p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1793952585348760012?ref_src=twsrc%5Etfw">May 24, 2024</a>
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<p>While this phase may not excite short-term traders looking for action, it offers an opportunity for long-term investors to build positions at favorable prices.</p> 
<h2 class="wp-block-heading" id="h-ethereum-overshadowing-bitcoin">Ethereum Overshadowing Bitcoin</h2> 
<p>Van de Poppe’s analysis suggests a shift of funds from Bitcoin to Ethereum, contributing to Bitcoin’s prolonged stability. With the approval of all 8 <a href="https://coinpedia.org/news/ethereum-etf-approved-what-this-means-for-bitcoin-and-altcoins/">spot Ethereum ETFs</a>, investors are diversifying their crypto portfolios, favoring Ethereum and injecting significant capital.</p> 
<p>This shift in investor preference has led to an interesting dynamic between Bitcoin and Ethereum, reshaping the broader market landscape.</p> 
<h2 class="wp-block-heading" id="h-ethereum-price-analysis-nbsp">Ethereum Price Analysis&nbsp;</h2> 
<p>Currently, <a href="https://markets.coinpedia.org/ethereum/">Ethereum</a> is trading at $3,702.11, marking a 5.42% decline in the last 24 hours. Despite this dip, ETH trading volume has surged by 68%, pushing its market cap to $445 billion.</p> 
<p>Despite recent fluctuations, Ethereum remains robust following a surge between October 2023 and March 2024. It has seen a rise of over 35% this year and an impressive 69% increase over the past 12 months.</p> 
<p>Also Check Out : <a href="https://coinpedia.org/news/bitcoin-whales-accumulate-1-4-billion-btc-as-us-congress-passes-fit21-bill/">$1.4B Bitcoin Whales Accumulation Fuels Bull Frenzy: $74K Breached Soon?</a></p> 
<p><strong>Do you agree with the analyst’s prediction for Bitcoin’s price?</strong> <strong>Why or why not?</strong></p>

Bitcoin Slumps on Interest Rate Fears, Ethereum Steals Spotlight

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