As Bitcoin (BTC) prices recover, analysts continued to analyze BTC's movements and provide insight into its likely future trajectory. A popular cryptocurrency analyst pointed out that despite the recent surge in BTC price from $56,000 to $65,000, it is still in the “prime buy zone.” Additionally, one analyst gave a very bullish outlook for BTC as he expects it to rise to $70,000.
Can Bitcoin price regain $70,000?
Ali Martinez, a prominent crypto analyst at He argued that this suggests that the area is in a “zone”. This indicator compares Bitcoin's market value to its realized value over the past 90 days. Additionally, it serves as an indicator of potential purchasing opportunities.
Furthermore, Martinez's valuation suggests that there is still room for growth in the Bitcoin price, making it an attractive proposition for investors looking for long-term gains. Echoing this opinion, another analyst, Maggs, also has a bullish outlook on the outlook for Bitcoin price.
With Bitcoin recently closing above $60,000 on a weekly basis, Maggs believes that a temporary drop below the weekly support zone is just a “fakeout,” or a trap for breakout traders. This suggests that it may have been a tactic. According to Maggs, Bitcoin's current stock price increase, which is higher than its all-time high, shows the strength of the market.
Furthermore, he believes that BTC price is gearing up for a potential rise towards above $70,000. These analyzes come at a pivotal moment for the oldest companies as they continue to navigate the complexities of a volatile market. While it remains to be seen whether Bitcoin will actually regain $70,000, the optimism expressed by these analysts underscores the resilience and optimism widespread within the crypto community.
Also read: Bitcoin’s dormant whale moves 44 million BTC as price crosses $64,000
BTC price rebound
Bitcoin has rebounded significantly in value after recently hitting a low of $56,000. At the time of writing, BTC price rose 2.36% to $65,185.40 on Monday, May 4th, giving it a market capitalization of an impressive $1.28 trillion. Additionally, BTC’s 24-hour trading volume increased by 2.51% and settled at $20.59 billion.
Open interest rose 4.17% to $31.47 billion, with derivatives traders increasingly interested in Bitcoin futures. Meanwhile, short traders accounted for the majority of market liquidations, with $23.61 million liquidated in the past 24 hours, according to Coinglass. Meanwhile, longs liquidated just $5.83 million, setting the stage for a short squeeze.
Therefore, BTC price may rise further before the short leads to a decline. At the moment, Bitcoin's RSI is 49, indicating nervous market sentiment. This suggests that Bitcoin is neither overbought nor oversold, thus presenting a lucrative opportunity for long-term investors.
Also read: Bitcoin (BTC) price enters 150-day time-based capitulation period, what’s next?