Analyst Points Out Level To Beat If Bitcoin Is To Reach $76,000
13 Mayo 2024 - 6:30AM
NEWSBTC
Crypto analyst Ali Martinez has highlighted what needs to happen
for Bitcoin to climb to $76,000. If that doesn’t happen, he noted
that the flagship crypto risks dropping significantly to levels not
seen since the start of the year. How Bitcoin Could Rise To
$76,000 Martinez mentioned in an X (formerly Twitter) post that
Bitcoin will likely rise to $76,610 if it can reclaim $64,290 as
support. However, if it fails to climb above $64,290, the crypto
analyst added that Bitcoin might retest support at $51,970.
Martinez drew this conclusion based on MVRV (Market Value To
Realized Value) extreme deviation pricing bands, which showed
$51,970 as the all-time mean. Related Reading: Crypto Analyst
Says XRP Price Can Break Out From Falling Pennant, But Can It Reach
$1? Bitcoin has recently maintained a tepid price movement and
isn’t showing any sign that it can reclaim $64,290 as support for
now. Instead, the flagship crypto looks likelier to retest the
$51,970 price level, seeing as it is looking to break down below
$60,000. However, despite Bitcoin looking to have a bearish
outlook, crypto analyst Mikybull Crypto maintains that Bitcoin’s
price action is bearish. In an X (formerly Twitter) post, he
mentioned that BTC is having a “simple retest to weary the
impatient trader.” “Nothing bearish as bears seem to amplify it,”
he added. The analyst had previously predicted that Bitcoin could
climb to $73,000 once it clears the $67,000 price level. BTC
May Soon Resume Its Upward Trajectory Meanwhile, crypto analyst
Rekt Capital suggested that Bitcoin may soon be out of the clear,
revealing that the Post-halving “Danger Zone” officially ends on
May 13. The analyst had previously explained that this Danger Zone
is the downside wick that Bitcoin experienced approximately 21 days
after the Halving in 2016. In another X post, the analyst
revealed that Bitcoin had repeated the “2016 history perfectly,
offering a downside wick below the bottom of its current
Re-Accumulation range within a three-week window after the
halving.” Therefore, with this retracement out of the way, the
flagship crypto looks primed for an upward trend. Related
Reading: Cardano Ready For 15x Move, Crypto Analyst Reveals The
Major Drivers However, this move might not happen so soon since
Rekt Capital mentioned the Reaccumulation period, which usually
occurs after the Bitcoin halving. The crypto analyst noted that
this period usually lasts up to five months. He added that this
time could be different since this re-accumulation would develop
around a new all-time high (ATH) area. While it is uncertain
when this price rally might come, Rekt Capital suggested that
Bitcoin might not drop below the $60,000 price level again. He
claimed that a weekly close above $60,600 for Bitcoin “would
continue to solidify this price level as a base of the
Re-Accumulation Range. At the time of writing, BTC is trading
at around $61,100, up in the last 24 hours, according to data from
CoinMarketCap. BTC bulls fail to hold $63,000 | Source:
BTCUSD on Tradingview.com Featured image from AMBCrypto, chart from
Tradingview.com
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