As a researcher with experience in crypto analysis, I find the current price action of Bitcoin intriguing. The opinions of various analysts provide valuable insights into potential support and resistance levels for Bitcoin.
Expert analysis by cryptocurrency specialist Ali Martinez identifies the conditions necessary for Bitcoin‘s price to reach $76,000. Failure to meet these prerequisites may result in a considerable decline for the leading crypto back to levels last seen at the beginning of the year.
How Bitcoin Could Rise To $76,000
In a recent post on X, previously known as Twitter, analyst Martinez posited that Bitcoin could potentially reach a price of $76,610 if it manages to regain the $64,290 level as support. Conversely, should Bitcoin fail to surpass this mark, there’s a possibility for it to revisit the support at $51,970. Martinez derived these predictions based on MVRV (Market Value to Realized Value) pricing bands which indicated $51,970 as the average historical value.
Bitcoin’s price has been relatively stable lately and fails to regain the $64,290 mark as a support level at present. Instead, there are indications that Bitcoin may dip towards the $51,970 mark again, given its current trend of falling below the $60,000 threshold. Although Bitcoin appears to be showing bearish signs, analyst Mikybull Crypto still believes that the price behavior of Bitcoin is bearish.
In a recent update on X (previously Twitter), the analyst stated that Bitcoin was undergoing a “relaxed re-examination of its value around $67,000 by the market.” He further noted that this didn’t indicate any bearish trends, despite bears attempting to intensify it. Earlier, he had projected that Bitcoin could potentially reach $73,000 once it surpasses the $67,000 mark.
BTC May Soon Resume Its Upward Trajectory
As a crypto analyst, I’ve identified that Bitcoin may be approaching a potentially risky period. I’ve referred to this phase as the “Post-halving Danger Zone,” which concludes on May 13th. In my previous analysis, I explained that this zone represents the price downturn Bitcoin experienced roughly 21 days post-Halving back in 2016.
In a previous Bitcoin post, an analyst pointed out that the cryptocurrency had mirrored its 2016 pattern in an unusual way. Specifically, after the halving event, Bitcoin experienced a pullback with a significant dip below its current support level within three weeks. Now that this correction has occurred, Bitcoin appears set for an uptrend.
This move may not occur immediately, as Rekt Capital pointed out the potential Reaccumulation phase following Bitcoin’s halving. Traders should note that this period can last up to five months based on past trends. However, it’s important to keep in mind that this timeframe might vary since the current re-accumulation is taking place around a new all-time high area.
Rekt Capital posited that Bitcoin was unlikely to dip below $60,000 once more following the current price surge. According to him, if Bitcoin managed to close the weekly chart above $60,600, this level would strengthen as a support within the Re-Accumulation Range.
Currently, Bitcoin is valued near $61,100 per coin during my writing process, marking an increase within the previous 24-hour period based on information from CoinMarketCap.
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2024-05-13 14:46