Although the cryptocurrency market has shown a correction and consolidation pattern in the past two weeks, comprehensive analysts believe that Bitcoin may have "bottomed" in the area of 63,000 to 65,000 US dollars, and a return to 70,000 US dollars is just around the corner.
Michaël van de Poppe, founder of MN Capital, posted on social media platform X on Thursday:
Bitcoin may have bottomed in the area between $63,000 and $65,000.
VanderPop shared the chart below, which shows Bitcoin’s rebound from key demand levels (green zone) at $63,000 to $65,000. He explained that if the price can remain above this level, Bitcoin will "enter an upward trend."
Another analyst, Jelle, had a similar view. He said that Bitcoin continues to fight the range low near the $65,000 support level, and bulls are working hard to change the market structure, hoping to lock in "higher lows" and "higher prices." High Point". He said:
Bitcoin’s local market structure is slowly turning back to a bullish state. The current focus is on whether Bitcoin can regain the $66,000 level to confirm that the trend is getting stronger.
Market data shows that Bitcoin’s price action has formed a series of higher lows on the daily chart, maintaining an upward trend line. Bitcoin bulls need to keep prices above this level to ensure a recovery.
However, if bulls lose this ongoing battle, they may look to retest the 200-day exponential moving average (EMA), which is apparently Bitcoin’s last line of defense at $64,300.
IntoTheBlock’s “In/Out of the Money Around Price (IOMAP)” model shows that Bitcoin has relatively strong support on the downside, reinforcing the importance of this level.
The 200-day EMA and the "65,000 psychological mark" are both in the price range of $64,018 to $65,975. Currently, approximately 1.07 million Bitcoins are purchased within this range, which means high demand liquidity from this group of investors. It may push Bitcoin to break through the resistance levels brought by the 100-day and 50-day EMAs (at $66,699 and $67,000 respectively). Breaking through them can break out of consolidation and enter the price discovery period.
If this happens, according to popular analyst Moustache, we will never see Bitcoin drop below $70,000 again. Moustache explained that the daily chart of Bitcoin price is forming an “inverse head and shoulders pattern (inverted head and shoulders, with the left and right shoulders below the neckline)” and is almost taking shape.
Jelle said that if this pattern continues, then Bitcoin price may have a massive upward breakout towards the next important price level of $72,000, which may then break through the current all-time high price of $73,835 and eventually run towards $100,000. In other words, this represents roughly 55% upside potential for Bitcoin.
〈Bitcoin “completes bottoming”? Analyst: "Breaking through $70,000" is ready to go> This article was first published on "Block Guest".
