Bitcoin is currently navigating a period of consolidation after a volatile week. Despite a decline of nearly 6% over the past seven days, some analysts believe that the cryptocurrency may be quietly building a base for a potential surge.
One such analyst is MartyParty, who has pointed out a double bottom pattern on the BlackRock tech growth ETF proxy with a target of $95,000. With Bitcoin's correlation to this ETF at 0.92, he suggests that if the equity-side pattern resolves higher, Bitcoin could follow suit.
Other analysts are also weighing in on the current market conditions. Trader Tardigrade has noted that the Bitcoin Fear & Greed Index is currently in Extreme Fear territory, which some see as a sign of a potential bottom. This sentiment is echoed by DeepValue Signals, who warns that if Bitcoin fails to make a stand in its current technical zone, it could experience another flush lower.
Meanwhile, Columbus has pointed out that Bitcoin's price action is coiled in a narrow band between $67,000 and $68,000. With thick liquidity building above $70,000 and substantial bids stacked in the mid-$60,000 range, he suggests that a decisive reclaim of the $69,500–$70,000 area could open the way to heavier liquidity clusters overhead.