Cryptographic analyst Ali Martínez has highlighted what needs to happen for bitcoin bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>go up to $76,000. If that doesn't happen, he noted that the flagship cryptocurrency risks falling significantly to levels not seen since the beginning of the year.
How bitcoin Could Rise to $76,000
Martínez mentioned in an x (formerly twitter) x.com/ali_charts/status/1789683591288394043″ rel=”nofollow”>mail that bitcoin will likely rise to $76,610 if it can regain $64,290 as support. However, if it fails to break above $64,290, the crypto analyst added that bitcoin could retest the support at $51,970. Martínez came to this conclusion based on bitcoin-mvrv-hints-now-good-time-to-buy-analyst/” rel=”nofollow”>MVRV (market value to realized value) extreme deviation price bands, which showed $51,970 as a historical average.
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bitcoin has recently maintained a tepid price movement and is showing no signs that it can regain $64,290 as support for now. Instead, the flagship cryptocurrency appears more likely to retest the $51,970 price level as it seeks break below $60,000. However, even though bitcoin appears to have a bearish outlook, crypto analyst Mikybull crypto argues that bitcoin price action is bearish.
In an x (formerly twitter) x.com/MikybullCrypto/status/1789583794934280670″ rel=”nofollow”>mail, mentioned that btc is having a “simple retest to tire the impatient trader.” “Nothing bearish, as bears seem to amplify it,” she added. The analyst had previously predicted that bitcoin could rise to $73,000 once it surpasses the $67,000 price level.
btc may soon resume its upward trajectory
Meanwhile, bitcoin-danger-zone-in-2-days-crypto-expert-explains-what-this-means/” rel=”nofollow”>cryptoanalyst Rekt Capital suggested that bitcoin could soon be out of the woods, revealing that the post-halving “Danger Zone” officially ends on May 13. x.com/rektcapital/status/1785240226010378369″ rel=”nofollow”>previously explained that this Danger Zone is the downward fuse that bitcoin experienced approximately 21 days after Halving in 2016.
In other x.com/rektcapital/status/1789345116299145417″ rel=”nofollow”>x publicationThe analyst revealed that bitcoin had repeated the “2016 story perfectly, offering a downside wick below the bottom of its current reaccumulation range within a three-week window after the halving.” Therefore, once this pullback is over, the flagship cryptocurrency seems poised for an uptrend.
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However, this move may not happen so soon as Rekt Capital mentioned the reaccumulation period, which usually occurs after the bitcoin halving. The cryptanalyst noted that this period usually lasts up to five months. He added that this time could be different as this reaccumulation would unfold around a bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>new all-time high (ATH) area.
While it is unclear when this price rally might occur, Rekt Capital suggested that bitcoin might not fall below the $60,000 price level again. He x.com/rektcapital/status/1789729850875420886″ rel=”nofollow”>reclaimed that a weekly close above $60,600 for bitcoin “would continue to solidify this price level as the base of the reaccumulation range.
At the time of writing, btc is trading at around $61,100, up in the last 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
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btc bulls fail to hold $63,000 | Source: BTCUSD on Tradingview.com
Featured image from AMBCrypto, chart from Tradingview.com
