On Tuesday (July 16), Zoltan Vardai wrote on the Cointelegraph website that the price of Bitcoin has confirmed a trend reversal after a month-long downward trend in June. But can Bitcoin rise back above the psychological level of $70,000 before the end of summer?
Analysts say Bitcoin price is back in bull market
According to technical analysis from a popular cryptocurrency trader, prices have recovered from a more than one-month downtrend. “Bitcoin is back above one of the most important bull market lines (blue line). In previous cycles, it never fell below this line until the cycle top (monthly close). This is a strong sign that the bull market is far from over,” Moustache, an anonymous market analyst, wrote in a July 16 post on X.
Another bullish technical signal for BTC price is that selling pressure from long-term Bitcoin holders has stopped, analyst and CryptoQuant author Axel Adler wrote in a July 16 X post: “At the $616K level, the 7-month-long holder selling pressure stopped.”
After rising 11% in the past week, the bitcoin price is back above the 200-day exponential moving average (EMA), which is considered a key trendline maintained during the bull run.
The 200-day EMA is a long-term indicator used by analysts to gauge the health of an asset's price based on the average closing price over the past 200 days.
Can Bitcoin Reclaim $70,000 Next Month?
Not only did Bitcoin receive an endorsement from BlackRock CEO Larry Fink this week, but according to technical chart patterns, it could reclaim $70,000 by the end of August if the current uptrend continues.
However, prominent analyst Captain Faibik wrote in a July 14 X post that bulls first need to decisively retake the $60,000 mark: “Bitcoin bulls are once again attempting to break through the critical resistance level of $60,000. Once the breakout is complete, the next stop will be $70,000.”
In a more optimistic scenario, Bitcoin could rise to the $85,000 mark by the end of September, noted analyst Crypto Wealth wrote in a July 16 post on X: “As Bitcoin enters its fifth wave, the first major target I’m eyeing is the $85,000 region, followed by the ultimate target of over $100,000.”
As Cointelegraph reported, several new bullish price predictions have emerged in recent weeks, including a target of $330,000.
