Kruger said bitcoin needs to clear $67,300 to break out of the multi-week consolidation that has capped prices since June. A move above that level could signal the next leg of higher, while ether (ETH) faces a similar test at $2,000.
Tom Lee, chairman of Bitmine and co-founder of Fundstrat, also noted ether’s recent outperformance relative to BTC as a bullish signal for crypto markets. The ETH-BTC ratio, which measures the price of ether in bitcoin, climbed to a three-month high on Monday.
Rally lacks demand amid macro risks
Still, not everyone is convinced about bitcoin’s strength.
Nansen senior research analyst Nicolai Sondergaard said the recent rebound lacks the buying conviction typically seen before sustained rallies.
“The market is holding range without strong buyers, not building toward a breakout,” Sondergaard said.
His base case remains a pullback toward $52,000-$58,000 unless market conditions improve.
While nearly 9,000…
