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

Published

2 years ago

May 6, 2024

Dripp

Amid the Bitcoin (BTC) 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.

Will Bitcoin Price Reclaim $70,000?

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 Bitcoin 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 Bitcoin’s price outlook.

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: Bitcoin Dormant Whale Shifts $44M BTC As Price Crosses $64K

BTC Price Rebounds

Bitcoin has registered a massive rebound in its value after hitting a low of $56,000 lately. At the time of writing, tha BTC price 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 Coinglass. 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: Bitcoin (BTC) Price Enter 150 Days of Time-Based Capitulation, What’s Next?