Bitcoin (BTC) price has confirmed the trend reversal after June’s month-long downtrend. Could Bitcoin recover above the $70,000 psychological mark until the end of the summer?
Bitcoin price reverts to bull trend: analyst
Bitcoin’s price has recovered from its over one-month downtrend, according to technical analysis from one popular crypto trader.
Pseudonymous market analyst Moustache wrote in a July 16 X post:
“Bitcoin is back above one of the most important bull market lines (blue line). In the previous cycles, it NEVER fell below it until the cycle top (monthly close). This is a strong sign that the bull market is far from over.”
In another bullish technical signal for BTC price, the selling pressure from long-term Bitcoin holders has stopped, according to analyst and CryptoQuant author Axel Adler, who wrote in a July 16 X post:
“At the $61.6K level, the selling pressure from Long-Term Holders, which lasted 7 months, ceased.”
After an 11% increase during the past week, Bitcoin price is back above the 200-day Exponential Moving Average (EMA), which is considered a key trendline to maintain above during bull markets.
The 200-day EMA is a long-term indicator used by analysts to measure the health of an asset’s price based on the average closing price of the past 200 days.
Related: Bitcoin bottom signal? German gov’t runs out of BTC to sell
Can Bitcoin reclaim $70K next month?
Not only did Bitcoin get a nod from BlackRock CEO Larry Fink this week, but based on technical chart patterns, it could reclaim $70,000 by the end of August if the current uptrend continues.
However, bulls first need to decisively reclaim the $60,000 mark, according to popular analyst Captain Faibik, who wrote in a July 14 X post:
“Bitcoin bulls are again trying to clear the Crucial Resistance level at $60K. Once the Breakout is done, the next stop will be $70K.”
In a more bullish scenario, Bitcoin could be setting up for a rally to the $85,000 mark by the end of September, according to popular analyst Crypto Wealth, who wrote in a July 16 X post:
“As Bitcoin proceeds into this 5th wave, the first main target I will be looking at is that $85k region before the final target around the $100k plus area.”
As Cointelegraph reported, several new bullish price predictions have surfaced in recent weeks, including a $330,000 target.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
