Analysts anticipate increased volatility before Bitcoin stabilizes around $66K.

Singapore’s QCP Capital suggests that the market may pause this weekend.

Bitcoin continues to show volatility, but analysts anticipate some market stability in the near future.

QCP Capital notes that traders are no longer expecting an ether ETF to be approved soon, leading to market consolidation. Bitcoin tested $66,000 during Asian trading hours on Friday, with expectations of more volatility ahead.

Semir Gabeljic of Pythagoras Investments attributed the recent 10% drawdown in Bitcoin to outflows from the Grayscale Bitcoin Trust (GBTC) and predicts further volatility leading up to the BTC halving event.

The CoinDesk 20 (CD20) and CoinDesk’s Digitization Index (DTZ) also experienced fluctuations during Asian trading hours. QCP Capital suggests that the market may take a breather this weekend following last weekend’s volatility.

Grayscale Bitcoin Trust (GBTC) saw significant outflows, while the market is starting to discount the approval of a spot ether ETF. The Grayscale ETH discount has widened, and prediction markets indicate low probabilities of an Ethereum ETF approval by May 31.

The Ethereum Foundation is under investigation by state authorities, and questions remain about the SEC’s classification of ether as a security. Traders on prediction markets believe ether will hit an all-time high in the second quarter, but opinions vary about the likelihood of all-time highs in 2024.