Rally

Bitcoin

Amid the <a href="https://coingape.com/tiger-brokers-debut-crypto-trading-platform-lauds-support-for-btc-eth-others/" target="_blank" rel="noopener">Bitcoin (BTC)</a> price recovery, analysts continued to dissect BTC’s movements and offered insights into potential future trajectories. A popular crypto analyst noted that the BTC price is still in the “prime buy zone” despite the recent surge from $56,000 to $65,000. In addition, an analyst expressed an extremely bullish outlook for BTC as he expects a rally to $70,000. 
<h2 id="will-bitcoin-price-reclaim-70-000">Will Bitcoin Price Reclaim $70,000?</h2> 
Ali Martinez, a renowned crypto analyst on X, asserted that despite Bitcoin’s recent surge from $57,000 to $64,000, the MVRV 90-Day Ratio suggests that BTC remains in a “prime buy zone.” This metric, which compares the market value of Bitcoin to its realized value over the past 90 days. Moreover, it serves as an indicator of potential buying opportunities. 
Furthermore, Martinez’s assessment implies that the Bitcoin price still has room to grow, presenting an attractive proposition for investors eyeing long-term gains. Echoing this sentiment, Mags, another analyst, paints a bullish picture of the <a href="https://coingape.com/markets/bitcoin-price-analysis-end-of-correction-pattern-btc-rally-73k-may/" target="_blank" rel="noopener">Bitcoin price</a> outlook. 
<figure id="attachment_195458" aria-describedby="caption-attachment-195458" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-195458" src="https://coingape.com/wp-content/uploads/2024/05/20240506_155618.png" alt="Bitcoin Price" width="1360" height="798" srcset="https://coingape.com/wp-content/uploads/2024/05/20240506_155618.png 1360w, https://coingape.com/wp-content/uploads/2024/05/20240506_155618-300x176.png 300w, https://coingape.com/wp-content/uploads/2024/05/20240506_155618-1224x718.png 1224w, https://coingape.com/wp-content/uploads/2024/05/20240506_155618-768x451.png 768w, https://coingape.com/wp-content/uploads/2024/05/20240506_155618-150x88.png 150w" sizes="(max-width: 1360px) 100vw, 1360px">
 <figcaption id="caption-attachment-195458" class="wp-caption-text">
 Source: Mags | X
 </figcaption>
</figure> 
With Bitcoin recently closing above $60,000 on a weekly basis, Mags suggests that the brief dip below the weekly support zone was a mere ‘fakeout’ — a tactic to trap breakout traders. According to Mags, Bitcoin’s current consolidation above its all-time high signals strength in the market. 
Moreover, he believes the BTC price is gearing up for a potential push towards $70,000 and beyond. These analyses come at a pivotal moment for oldest, as it continues to navigate the complexities of a volatile market. Whether Bitcoin will indeed reclaim $70,000 remains to be seen, but the optimism expressed by these analysts underscores the resilience and optimism prevalent within the crypto community. 
Also Read:&nbsp;<a href="https://coingape.com/bitcoin-dormant-whale-shifts-44m-btc-as-price-crosses-64k/" target="_blank" rel="noopener">Bitcoin Dormant Whale Shifts $44M BTC As Price Crosses $64K</a> 
<h2 id="btc-price-rebounds">BTC Price Rebounds</h2> 
Bitcoin has registered a massive rebound in its value after hitting a low of $56,000 lately. At the time of writing, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">BTC price</a> gained 2.36% to $65,185.40 with an impressive market cap of $1.28 trillion on Monday, May 4. Moreover, the 24-hour trading volume for BTC surged 2.51%, settling at $20.59 billion. 
Derivatives traders have shown increased interest in Bitcoin futures as the open interest surged 4.17% to $31.47 billion. Whilst, the short traders dominated market liquidations with $23.61 million liquidated in the past 24 hours, according to <a rel="nofollow" href="https://www.coinglass.com/currencies/BTC" target="_blank">Coinglass</a>. Meanwhile, longs accounted for only $5.83 million liquidation, setting the stage for a short squeeze. 
Therefore, the BTC price could witness further upside before shorts lead to a downfall. As of yet, the RSI for Bitcoin stands at 49, indicating a neural sentiment in the market. This suggests that Bitcoin is neither overbought nor oversold, hence, offering a lucrative opportunity for long-term investors. 
Also Read:&nbsp;<a href="https://coingape.com/bitcoin-btc-price-enter-150-days-of-time-based-capitulation-whats-next/" target="_blank" rel="noopener">Bitcoin (BTC) Price Enter 150 Days of Time-Based Capitulation, What’s Next?</a> 
The post <a href="https://coingape.com/bitcoin-enters-key-buying-zone-btc-price-rally-to-70k/">Bitcoin Enters Key Buying Zone, BTC Price Rally To $70K?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin Enters Key Buying Zone, BTC Price Rally To $70K?

Table of Contents

Coingape News Media

Autres articles publiés le 6 mai 2024

Fraud prevention strategies to safeguard Africa’s expanding fintech landscape

Core Chain Integrates Full Force’s Community Incubation Launchpad: A New Era for Crypto Innovation

African Nation Partners with US Giant for Bitcoin (BTC) Consultancy Services

Decade-Dormant Bitcoin Wallet Activates, Transfers 687 BTC

Tesla’s Tom Zhu Returns to China Amidst US Expansion with Extended-Range Model Y: Impact on TSLA ...

Visa Claims Most Stablecoin Data Is ‘Noise’—Here’s What Their Data Shows

Join our free newsletter for daily crypto updates!