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

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,331,206,549,943	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,331,206,549,943

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-1,263.31	-1.83%	67,839.71	67,832.62	67,837.76

Price Change

Price Change %

Current Price

Bid Price

Offer

-1,263.31

-1.83%

67,839.71

67,832.62

67,837.76

High Price	Low Price	Open Price	Prev. Close	52 Week Range
70,066.95	66,259.00	69,217.46	69,103.02	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

70,066.95

66,259.00

69,217.46

69,103.02

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	22:46:07	0.001406	67,839.71	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

22:46:07

0.001406

67,839.71

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,092,811,852.65	16,026.99	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,092,811,852.65

16,026.99

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

13/05/2024 12:30pm

NEWSBTC

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. Related Reading: Crypto Analyst Says XRP Price Can Break Out From Falling Pennant, But Can It Reach $1? 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. Related Reading: Cardano Ready For 15x Move, Crypto Analyst Reveals The Major Drivers 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. BTC bulls fail to hold $63,000 | Source: BTCUSD on Tradingview.com Featured image from AMBCrypto, chart from Tradingview.com

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