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20 May 2024
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Price Analysis

Analyst Points Out Level To Beat If Bitcoin Is To Reach $76,000

Crypto analyst Ali Martinez has highlighted what needs to happen for Bitcoin to climb to $76,000. If that doesn’t happen, he noted that the flagship crypto risks dropping significantly to levels not seen since the start of the year. 

How Bitcoin Could Rise To $76,000

Martinez mentioned in an X (formerly Twitter) post that Bitcoin will likely rise to $76,610 if it can reclaim $64,290 as support. However, if it fails to climb above $64,290, the crypto analyst added that Bitcoin might retest support at $51,970. Martinez drew this conclusion based on MVRV (Market Value To Realized Value) extreme deviation pricing bands, which showed $51,970 as the all-time mean. 

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Bitcoin has recently maintained a tepid price movement and isn’t showing any sign that it can reclaim $64,290 as support for now. Instead, the flagship crypto looks likelier to retest the $51,970 price level, seeing as it is looking to break down below $60,000. However, despite Bitcoin looking to have a bearish outlook, crypto analyst Mikybull Crypto maintains that Bitcoin’s price action is bearish. 

In an X (formerly Twitter) post, he mentioned that BTC is having a “simple retest to weary the impatient trader.” “Nothing bearish as bears seem to amplify it,” he added. The analyst had previously predicted that Bitcoin could climb to $73,000 once it clears the $67,000 price level. 

BTC May Soon Resume Its Upward Trajectory

Meanwhile, crypto analyst Rekt Capital suggested that Bitcoin may soon be out of the clear, revealing that the Post-halving “Danger Zone” officially ends on May 13. The analyst had previously explained that this Danger Zone is the downside wick that Bitcoin experienced approximately 21 days after the Halving in 2016. 

In another X post, the analyst revealed that Bitcoin had repeated the “2016 history perfectly, offering a downside wick below the bottom of its current Re-Accumulation range within a three-week window after the halving.” Therefore, with this retracement out of the way, the flagship crypto looks primed for an upward trend. 

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However, this move might not happen so soon since Rekt Capital mentioned the Reaccumulation period, which usually occurs after the Bitcoin halving. The crypto analyst noted that this period usually lasts up to five months. He added that this time could be different since this re-accumulation would develop around a new all-time high (ATH) area. 

While it is uncertain when this price rally might come, Rekt Capital suggested that Bitcoin might not drop below the $60,000 price level again. He claimed that a weekly close above $60,600 for Bitcoin “would continue to solidify this price level as a base of the Re-Accumulation Range. 

At the time of writing, BTC is trading at around $61,100, up in the last 24 hours, according to data from CoinMarketCap. 

Bitcoin price chart from Tradingview.com

BTC bulls fail to hold $63,000 | Source: BTCUSD on Tradingview.com

Featured image from AMBCrypto, chart from Tradingview.com

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