Bitcoin has reached a new milestone, breaking the $66,000 barrier on May 16th, fueled by a boost in risky assets following the release of US macro data. The cryptocurrency's price action has sparked mixed reactions, with some market observers questioning its sustainability. Despite this, analysts predict a calm and steady upward trend for Bitcoin, with potential acceleration for altcoins.

The recent surge in Bitcoin's price can be attributed to the Consumer Price Index (CPI) for April, which slightly exceeded expectations, leading to predictions of easier financial conditions for crypto and risk assets. However, some market observers have raised concerns about the rapid increase in open positions, suggesting that Bitcoin's price action might be unsustainable.

Despite these concerns, experienced traders and analysts remain optimistic about Bitcoin's future. Peter Brandt, a seasoned trader, has doubled down on his prediction that Bitcoin will continue its long-term uptrend. Michael van de Poppe, founder and CEO of MNTrading, predicts a calm upward period for Bitcoin, potentially outperforming altcoins, and believes that this period will see altcoins start to accelerate as confidence returns to the markets.

As Bitcoin continues to break new ground, market observers are eagerly watching its next move. With liquidity demands strengthening above the spot price and potential short liquidations clustered at $67,000, the stage is set for a thrilling ride. Whether Bitcoin's price action is sustainable or not, one thing is certain - the cryptocurrency has once again proven its resilience and ability to defy expectations.