Bitcoin During the (BTC) price recovery, analysts continue to carefully scrutinize BTC’s movements. In this context, they expressed their views on potential future trajectories. Many popular crypto analysts have noted that BTC is still in the “major buy zone” despite its recent rally from $56,000 to $65,000.
Additionally, one analyst stated that he expects a rally for BTC up to $70,000, thus maintaining an extremely bullish outlook.
Will Bitcoin Price Reclaim $70,000?
a well-known crypto- Ali Martinez, an analyst, suggested that despite Bitcoin rising from $57,000 to $64,000 recently, the MVRV 90 Day Ratio has BTC remaining in a “premium buy zone.” This metric evaluates potential buying opportunities by comparing Bitcoin’s market cap to its price movements over the last 90 days.
Martinez’s assessment implies that Bitcoin’s price still has growth potential and presents an attractive proposition for long-term investors. Mags, another analyst, also agrees with this opinion and states that Bitcoin prices are in an upward trend.
Mags suggests that the brief dip below the weekly support zone is just a ‘fakeout’, with Bitcoin recently closing above $60,000 on a weekly basis. He states that this decline is a tactic to trap breakout traders. According to Mags, Bitcoin’s current consolidation above its all-time high can be interpreted as a sign of strength in the market.
Mags believes BTC price is poised for a potential push towards $70,000 and above. These analyzes come at an important time in a volatile market, and while it remains unclear whether Bitcoin can reclaim the $70,000 level, the optimism expressed by these analysts highlights the resilience and optimism in the crypto community.
BTC Price Is Recovering
As we reported as Koinfinans.com, Bitcoin has recently experienced a significant recovery after falling to the $56,000 level. At the time of writing, BTC’s price rose 2.36% to $65,185.40 on Monday, May 4, giving it an impressive $1.28 trillion market cap. Additionally, the 24-hour trading volume for Bitcoin was recorded at $20.59 billion, an increase of 2.51%.
While interest in derivative transactions increased, open interest in Bitcoin futures increased by 4.17% to $ 31.47 billion. According to Coinglass data, short position holders experienced liquidations from the market with $23.61 million in liquidity in the last 24 hours. On the other hand, long position holders created short-term pressure with only $5.83 million in liquidity.
Therefore, it is predicted that the Bitcoin price may rise further and short positions may be subject to further pressure before causing a decline. Currently, the RSI (Relative Strength Index) for Bitcoin stands at 49, indicating that the market is relatively balanced. This indicates that Bitcoin is neither in overbought nor oversold territory and could present a potential profit opportunity for long-term investors.
