Bitcoin Enters Major Buy Zone, Is BTC Price Rising to $70K?
Amid the recovery in Bitcoin (BTC) price, analysts have continued to examine BTC’s movements and offer insight into potential future trajectories. A popular crypto analyst noted that BTC price is still in the “major buy zone” despite its recent rise from $56,000 to $65,000. Additionally, one analyst expressed an extremely bullish outlook as he expects BTC to rise to $70,000.
Will Bitcoin Price Reclaim $70,000?
Famous crypto analyst Ali Martinez This metric compares Bitcoin’s market value to its realized value over the last 90 days. It also serves as an indicator of potential acquisition opportunities.
Moreover, Martinez’s assessment shows that the Bitcoin price still has growth potential and presents an attractive proposition for investors looking for long-term gains. Echoing this sentiment, Mags, another analyst, paints a bullish picture of the Bitcoin price outlook.
Source: Mags | X
While Bitcoin recently closed above $60,000 on a weekly basis, Mags suggests that the brief dip below the weekly support zone was merely a ‘fake’ and a tactic to trap exiting traders. According to Mags, Bitcoin’s current consolidation above its all-time high points to its strength in the market.
Moreover, he believes that BTC price is preparing for a potential rally towards $70,000 and beyond. These analyzes come at a pivotal moment for veterans as they continue to navigate the complexities of a volatile market. It remains to be seen whether Bitcoin will truly regain $70,000, but the optimism expressed by these analysts underscores the resilience and optimism prevalent in the crypto community.
Also Read: Bitcoin Sleeping Whale Shifts $44 Million BTC As Price Crosses $64 Lakh
BTC Price Rising
Bitcoin has made a major recovery in value after falling below $56,000 recently. At the time of writing, BTC price is up 2.36% to $65,185.40 on Monday, May 4, with an impressive market cap of $1.28 trillion. Additionally, BTC’s 24-hour trading volume increased by 2.51% to $20.59 billion.
Derivatives traders showed increased interest in Bitcoin futures as open interest rose 4.17% to $31.47 billion. Meanwhile, short traders dominated market liquidations, with $23.61 million liquidated in the last 24 hours, according to Coinglass. Meanwhile, long positions resulted in liquidations of only $5.83 million, setting the stage for a short squeeze.
Therefore, BTC price may witness further rises before short positions turn bearish. Currently, the RSI for Bitcoin is at 49, which shows the nervous sensitivity in the market. This shows 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, What’s Next?
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