Bitcoin managed to rise above $70,000 on Monday. With this move, the bullish energy in the crypto market returned to the week. While it now looks set to rise further, altcoins have followed suit and moved higher.
Skew: $74 thousand will be an important area for BTC in every respect!
cryptokoin.comAs you follow from , the latest data shows that after trading around $67,000 in the early morning hours, Bitcoin started to climb as the US market opened. Thus, Bitcoin rose to $70,648, where it was traded at the time of writing.
According to crypto trader and analyst Skew, the market “continues Sunday’s bounce into Monday. The analyst notes that it will be important to see whether buyers retain control at the beginning of this week. Skew notes that Bitcoin price is currently trading above the 4H EMAs. It also highlights that the RSI is above 50. He notes that this is “very important for the continuation of the upward trend.” In this context, the analyst makes the following statement:
Structurally, Bitcoin’s price is above $69,000 with bullish momentum. [en yüksek değeri] It needs to close. I think $74 thousand will be an important price area both in terms of supply and as a psychological level.
Scott Melker: The target for Bitcoin is around $76,000!
“We could be experiencing a breakout from the inverted head and shoulders meme,” says Scott Melker, host of the Wolf of All Streets podcast, which he has discussed before. In this regard, the analyst shares the following assessment:
The right shoulder has made a higher low, there is a potential break of the neckline (there are 2 hours to confirm this break) and volume is increasing (we are 2 hours into the 4 hour candle and are already up). The target for BTC is around $76,000, but let’s be honest, how often do these things reach their target?
Inmortal: $60,000 possible before a sustained rise!
However, market analyst Inmortal warns that Bitcoin could see a drop to $60,000 before a sustained rise. “Part of me still thinks we could see another drop to the 60,000 level before moving higher,” the analyst said. Market structure is still a bit blurry. We recently did a HL. However, we haven’t done a HH yet. “A further decline is the most likely outcome.” says.
Ali Martinez: Short-term target for Bitcoin is $72,880!
Meanwhile, analyst Ali Martinez gives a short-term price target of $72,880 for Bitcoin. “If Bitcoin can surpass $66,990, it will likely rally towards $72,880!” the analyst said. says.
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