BTC set to resume rally after a period of sideways trading

“BTC is likely to resume its upward rally after a period of sideways trading in the $50,000 to low $60,000 range as spot ETFs are adopted by several asset managers and funds,” investment firm Bernstein said in a recent report. In a report, Bernstein analyst Gautam Chhugani said, “The recent drop in BTC mining difficulty (down 5.62% on May 9) was the result of low-efficiency mining rigs shutting down after the halving. Existing large miners such as Marathon Digital, Riot Platform, and Cleanspark are likely to continue their aggressive expansion through mergers and acquisitions to further consolidate their market share. The current BTC price sideways movement is providing a favorable environment for miners to execute M&A,” said Dr. Javier Gutierrez, Head of Analytics at Citi.