The post Popular Crypto Trader Sets Bold Bitcoin Price Targets, Eyes for $79k appeared first on Coinpedia Fintech News
Crypto markets are still grappling with ups and downs, keeping traders and investors on their toes about what might happen next. Yesterday saw a slight uptick, with the global crypto market cap reaching $2.54 trillion, a 0.35% increase. Despite the turbulence, Bitcoin has managed to top the $68,687 mark, showing a 1.37% rise over the past few days.
Major Price Rally For BTC
In the crypto world, many believe that it’s not a question of if, but when Bitcoin will reclaim its all-time high (ATH). Renowned crypto analyst Ali Martinez offers a technical viewpoint, suggesting that Bitcoin might be on the cusp of a major price increase.
#Bitcoin currently hovers around the +0.5σ pricing band at $66,800. If $BTC can hold above it, #BTC will likely rise to test the 1.0σ pricing band at $79,600. pic.twitter.com/nYPhs0zMr2
— Ali (@ali_charts) June 2, 2024
Using the MVRV Extreme Deviation Pricing band chart, Martinez indicates that Bitcoin is currently hovering around the +0.5 Standard Deviation mark. This technical position places Bitcoin’s price potential at approximately $66,800.
Martinez’s analysis suggests that Bitcoin could be poised for a significant rally. His insights fuel optimism among crypto enthusiasts, reinforcing the belief that Bitcoin’s return to its ATH is not a matter of if, but when. His technical perspective suggests Bitcoin could reach as high as $79,591.03 at a standard deviation of 1.
Bullish and Bearish Targets
Echoing a similar stance, a prominent figure in the crypto trading world recently shared his latest price targets for Bitcoin. In a tweet, MMCrypto outlined two possible scenarios for Bitcoin’s price trajectory.
Bullish target: $74‘000Bearish target: $62‘200
— MMCrypto (@MMCrypto) June 3, 2024
Firstly, the trader predicts that Bitcoin could surge to $74,000. This bullish target is based on a strong inflow of spot Bitcoin ETF products from BlackRock, Fidelity Investments, and Grayscale.
On the flip side, MMCrypto sets a bearish target at $62,200, indicating a potential downturn. Such a scenario could lead traders to make strategic adjustments to capitalize on the lower price. This drop could also present a buying opportunity for long-term investors, allowing them to acquire Bitcoin at a reduced price before the next upcoming surge.