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
The post Bitcoin Enters Key Buying Zone, BTC Price Rally To $70K? appeared first on CoinGape.
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.
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.
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