Prominent market analysts have weighed in on the current state of the Bitcoin market, predicting that the cryptocurrency will soon reach new highs of $80,000 after overcoming a significant obstacle.
In the past 24 hours, Bitcoin has once again entered the $70,000 range, but it has struggled to maintain the momentum that brought it to this point. Its price has fluctuated between $69,300 and $71,700.
Renowned market watcher Ali Martinez recently offered an explanation for Bitcoin’s consolidation around the $70,000 range. In a recent post on X, Martinez revealed that the cryptocurrency is facing a major resistance barrier within this range.
This resistance barrier is most significant between $70,180 and $70,600, according to Martinez. The analyst pointed out that there are 292,000 wallets holding 397,000 Bitcoin at this price point, which strengthens the resistance wall.
Resistance levels indicate price points where selling pressure is strong enough to prevent the price from rising further. These levels typically reflect areas where traders believe Bitcoin is overvalued and are thus willing to sell, creating a supply pressure that hinders further price increases.
In this case, the 292,000 addresses spent approximately $28 billion to enter the Bitcoin market at around the $70,000 range, as reported by market intelligence platform IntoTheBlock. This data suggests that these investors represent the largest group of Bitcoin holders who are currently at a loss.
Martinez noted that if Bitcoin successfully breaks through this significant barrier, it paves the way for even higher prices, as other resistance points are less formidable. While Martinez did not specify how high Bitcoin could potentially go, analyst Michaël van de Poppe has suggested a target of $80,000. Van de Poppe made this prediction while analyzing Bitcoin’s current consolidation.
Van de Poppe emphasized that Bitcoin’s bull run prior to its halving event may be nearing its peak. However, he suggested that the cryptocurrency could reach the $75,000 to $80,000 range within the next three weeks before the halving occurs. After this pre-halving bull run, Van de Poppe anticipates a significant price correction, while also asserting that the altcoin market could take over during Bitcoin’s correction and consolidation phase.
As of now, Bitcoin is trading at $70,180, representing a 9% gain over the past week.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the personal opinions of the author and do not necessarily reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.