Bitcoin (BTC) worth has confirmed the pattern reversal after June’s month-long downtrend. Might Bitcoin get well above the $70,000 psychological mark till the tip of the summer time?
Bitcoin worth reverts to bull pattern: analyst
Bitcoin’s worth has recovered from its over one-month downtrend, in accordance with technical evaluation from one in style crypto dealer.
Pseudonymous market analyst Moustache wrote in a July 16 X submit:
“Bitcoin is again above one of the crucial necessary bull market traces (blue line). Within the earlier cycles, it NEVER fell beneath it till the cycle prime (month-to-month shut). It is a sturdy signal that the bull market is way from over.”
In one other bullish technical sign for BTC worth, the promoting stress from long-term Bitcoin holders has stopped, in accordance with analyst and CryptoQuant writer Axel Adler, who wrote in a July 16 X submit:
“On the $61.6K stage, the promoting stress from Lengthy-Time period Holders, which lasted 7 months, ceased.”
After an 11% improve in the course of the previous week, Bitcoin worth is again above the 200-day Exponential Shifting Common (EMA), which is taken into account a key trendline to take care of above throughout bull markets.
The 200-day EMA is a long-term indicator utilized by analysts to measure the well being of an asset’s worth based mostly on the common closing worth of the previous 200 days.
Associated: Bitcoin bottom signal? German gov’t runs out of BTC to sell
Can Bitcoin reclaim $70K subsequent month?
Not solely did Bitcoin get a nod from BlackRock CEO Larry Fink this week, however based mostly on technical chart patterns, it may reclaim $70,000 by the tip of August if the present uptrend continues.
Nevertheless, bulls first have to decisively reclaim the $60,000 mark, in accordance with in style analyst Captain Faibik, who wrote in a July 14 X post:
“Bitcoin bulls are once more making an attempt to clear the Essential Resistance stage at $60K. As soon as the Breakout is completed, the following cease will probably be $70K.”
In a extra bullish state of affairs, Bitcoin could possibly be organising for a rally to the $85,000 mark by the tip of September, in accordance with in style analyst Crypto Wealth, who wrote in a July 16 X submit:
“As Bitcoin proceeds into this fifth wave, the primary principal goal I will probably be is that $85k area earlier than the ultimate goal across the $100k plus space.”
As Cointelegraph reported, a number of new bullish worth predictions have surfaced in current weeks, together with a $330,000 goal.
This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer entails danger, and readers ought to conduct their very own analysis when making a choice.
