After the concerns that prevailed earlier this week, Bitcoin has rebounded sharply in spot market prices. At the time of writing, the value of the world’s most valuable currency is up 20% from its lows in July 2024.
Given the rally since July 25, there is a high chance that the price will break the $70,000 level over the weekend and even break the all-important $72,000 liquidation level.
Analyst: We expect Bitcoin price to range between $75,000 and $95,000
With Bitcoin regaining its footing, which has excited optimists, some analysts now believe that this is the beginning of the next phase of the bull run. And that outlook is positive, at least based on recent price action.
Move to X, single analyst He said The area between $75,000 and $95,000 will be the next “hated” zone. In this area, the coin will have surpassed its all-time high of $74,000, which was last printed in March, adding nearly 30% to reach its peak of $95,000. When this happens, the analyst said, the Bitcoin market “will not be as generous to the bears as it is now.”
The exact timeline remains uncertain even as traders expect the coin to rally. Traders should wait for bulls to break the $72,000 barrier and the all-time high.
Looking at the price action between March and July, it’s clear that buyers, despite their dominance, struggled. The correction from around $74,000 to $53,500 in early July represented a drop of nearly 27%, one of the deepest declines when the market was on a rally.
Bitcoin Market Shakes Off Mt. Gox Fears
Multiple factors will drive demand going forward. One is the general resilience among bulls as the collapsing Mt. Gox exchange distributes coins. So far, the on-chain data has been subscriber An analyst revealed that Mt. Gox BTC reserves have dropped by 66%, distributing nearly 95,000 BTC.
Interestingly, despite initial fears of a bear market and an extension of the losses incurred in early July, prices have remained stable and have begun to recover. The failure of this event to force prices lower or dampen the sentiment of traders or investors has been a huge boost to confidence.
Furthermore, there is other data on the chain. Offers Long-term holders (LTHs), mostly institutions or mining companies that have held the cryptocurrency for more than 155 days, have been hoarding the coins. One analyst noted that these entities exited when the price surged above $68,000 and hit all-time highs.
They may double down on their bet after selling 126,000 BTC worth over $8 billion at spot market prices. Therefore, the lack of selling pressure from this group is likely to support prices, supporting bulls who are looking to break $72,000 in the coming sessions.
Featured image from Canva, chart from TradingView
