Top Analyst Mt. Gox Expects to Rise to $71K, Alleviating Selling Concerns
Bitcoin (BTC) price has been struggling with a downtrend lately. In a recent update, Capo of Crypto, a well-known crypto analyst, shared his predictions on the current market situation of Bitcoin.
Will BTC Rise to $71,000?
According to Capo, the primary support zone for Bitcoin is $67,000. “Demand is being added here, so this level should be maintained and the rise is expected to continue (main scenario),” he said. However, if this support fails, the next level to watch will be $65,000.
Source: Crypto Capo | X
Additionally, in the chart added to the post, Capo predicted that if the $67,000 support holds, there will be a break of the $69,000 resistance and a potential rise to $71,000. In addition, the analyst noted that Bitcoin is on the defunct exchange Mt. He also addressed concerns about his recent movements linked to Gox.
Additionally, he clarified that the transfers of approximately 43,000 BTC, worth approximately $3 billion, were not for immediate refunds from users, but in preparation for refunds. “Although there have been approvals and some progress, the full reimbursement process is delayed until October 2024. So there is nothing to worry about (yet),” he explained.
arkham Intelligence data revealed that the aforementioned Bitcoin reserve was moved in three transactions of 12.24 thousand BTC, 14.05 thousand BTC and 16.589 thousand BTC in a short period of time. Despite the significant transfer, Capo’s analysis suggests the market should not be overly concerned.
His perspective aligns with that of another leading analyst, Michaël van de Poppe, who commented on the recent market reaction. “No breakout for #Bitcoin as $70K was rejected. “I want the $66,000 to remain as support and then everything will be fine,” Van de Poppe said. But he described the current market environment as “pretty boring.”
Also Read: 4 Best Altcoins to Buy as Bitcoin Price Prepares for $100,000
Bitcoin Price Today
In addition to the analysis, Ali Martinez highlighted a potential short-term recovery. He noted that the TD Sequential indicator offers a buy signal on Bitcoin’s hourly chart. Therefore the analyst “expects a one to four candlestick recovery for BTC!”
Additionally, this optimistic outlook is supported by the launch of Bitcoin Exchange Traded Products (ETPs) on the London Stock Exchange. These investment products can bring new interest and liquidity to the market.
As of press time, the Bitcoin price fell 0.65% to $68,032.57 on Tuesday, May 28. On the contrary, BTC’s 24-hour trading volume increased by 61.70% to $30.30 billion. The oldest cryptocurrency had a huge market value of $1.34 trillion.
BTC’s long and short liquidations remained at the same level, signaling a sideways movement. But according to Coinglass, the long liquidations were a step towards liquidation of $21.60 million. Therefore, the Bitcoin price is expected to be in the red for now.
Also Read: Mt. Gox Moved $3 Billion Bitcoin to Unmarked Address, BTC Price Dropped 2%
✓ Share:
parofix consists of an experienced team of local content writers and editors who work around the clock to cover the news globally and present the news as a fact rather than an opinion. parofix writers and reporters contributed to this article.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#Top #Analyst #Gox #Expects #Rise #71K #Alleviating #Selling #Concerns