$67,000 in Bitcoin: Should I Get One?

According to technical analysis, BTC could soon fall to $60,000 in order to gather liquidity before entering a major rise.

Data trends indicate that the sale of BTC from small wallets to large wallets is a bullish sign.

This price fluctuation occurs amid broad market trends where analysts are closely observing Bitcoin's performance.

The analyst emphasized that this year's half-life retrace reached -23.6%, making it the deepest retrace in the current cycle, which suggests that many people think of it as a “last chance to buy” ahead of a significant rise after the half-life period.

With the completion of the halving retrace, it is said that preparations for the re-accumulation range, which is an important stage in the Bitcoin market cycle, have been prepared. This range usually forms a few weeks before the half-life and will break out and end a few weeks later.

Prices at this stage are expected to fluctuate between approximately $60,000 and $70,000, and may extend beyond these limits. The duration of this reaccumulation phase could last up to 150 days (or about 5 months), after which Bitcoin could enter a “parabolic upward trend” characterized by a noticeable spike in price.

A similar pattern has been shown in past data from 2020, and it is said that Bitcoin experienced a -19% retracement near its half-life, and then went through a price consolidation period of 160 days before entering a rapid growth phase.

An almost -24% retracement near Bitcoin's half-life in 2024 suggests that if history repeats, Bitcoin will consolidate its price over a similar period before entering a significant uptrend.

Since there is a possibility that the price will rise drastically after a certain period of stability, insight into Bitcoin trends after the half-life event can be obtained.

In addition to this analysis, Santiment's data shows that Bitcoin is moving at a level slightly above 66,100 dollars while small-scale traders liquidate their holdings amid the overall market rebound in the past week.

Historically, this trend of small wallets being sold to large wallets has been viewed as a bullish indicator for Bitcoin.

Furthermore, technical analysis of the BTC daily chart indicates the possibility of a retracement to the $60,000 level to gather more liquidity before a parabolic rise.

If Bitcoin reaches this retracement level, it will pave the way for a strong rise, and there is a possibility that the cryptocurrency will be able to easily break through the $67,000 resistance.

Recent reports point out that the stablecoin supply ratio is below the 200-period simple moving average, but it is above the lower limit of the Bollinger Bands, adding further insight.

When the price of Bitcoin reached 56,000 dollars in early May and rebounded, it was an important moment that attracted attention. The oscillator is still in a low band, which suggests the possibility of a further increase, and the stablecoin supply ratio has been trending downward over the past month.

This aggressive upward trend since 2023/10 has preceded major price fluctuations along with periods of “stagnation or rebound” such as those seen in early January and mid-May.

Following the fall in January, the Bitcoin price easily broke through the $46,000 resistance line and soared. As market trends and analytical forecasts suggest, a similar rise will occur in the next 2 to 4 weeks, and there is a possibility that Bitcoin will greatly exceed the $73,000 level.