Bitcoin has once again reached the coveted $69,000 mark, and investors are eagerly awaiting the traditional response to the ETH ETF development. As the spot Bitcoin ETF entries are set to be revealed, the market is bracing itself for potential movements. If there are no abnormal entries, Bitcoin is likely to hover around its current level over the weekend, maintaining resistance around $71,000. But what do the experts predict for the next few weeks?

According to historical data, Bitcoin's failure to set a new peak after the block reward halving suggests a potential consolidation period. Rekt Capital, a renowned expert, highlights that this pattern typically begins a few weeks before the halving and can continue for up to 5 months afterward. This means that the market might not see significant movement in Bitcoin and the broader crypto market for the next 5 months.

Rekt Capital notes, "Consolidation continues, and historical data shows this could persist between $60,000 and $70,000 for a few more weeks. The current goal is for Bitcoin to move sideways to take a breather, cooling off after the fantastic pre-halving price performance." This consolidation period could be a welcome respite for investors, allowing them to reassess their strategies and prepare for future movements.

At the time of writing, Bitcoin is trading at $69,075, with a nearly 4% increase on the day. Ethereum's strong price performance and Bitcoin's relatively slower growth suggest a potential short-term altcoin rally led by Ethereum. From a technical perspective, closures above the $66,000 support are extremely positive, and if this support is lost, a drop to the 50-day EMA at $64,838 could be seen. The key support between $64,000 and $66,120 is crucial for continued tests of $73,777.

According to the IOMAP chart, 870,800 Bitcoins were previously purchased in this price range, making it a densely cost-effective area. This support can be maintained unless there is significant negative news flow. However, the unpredictability of cryptocurrencies should not be underestimated, and factors like the Fed's interest rate hike rhetoric or escalating tensions in Taiwan or other regions could change the situation.

In conclusion, Bitcoin's reach for $69,000 has sparked a mix of excitement and caution among investors. While historical data suggests a potential consolidation period, expert insights highlight the importance of key support levels and the unpredictability of the cryptocurrency market. As the market continues to evolve, investors must remain vigilant and adapt their strategies to navigate the ever-changing landscape of cryptocurrencies.