Analysts say: “The possibility of a rekindling of the Bitcoin bull market increases significantly”
Cryptocurrency analyst Ali Martinez said$Bitcoin (BTC.CC) $Significant levels of support were highlighted. This happened in the midst of a period of instability in the cryptocurrency market.
WHAT HAPPENED:
Martinez shared his insight into the current state of Bitcoin with X. He pointed out that the $62,000 level is an important support zone for cryptocurrencies. If Bitcoin fails to maintain this level, there is a possibility that the focus will shift to around $51,500, which is the next key demand area.
Meanwhile, Martinez also pointed out potential triggers for bullish trends. If Bitcoin can rise again above $66,250, there is a possibility that the market will recover significantly.
In his post, Ali wrote:
“According to URPD, $62,000$Bitcoin (BTC.CC) $It's an important support zone for us. If this level is lost, there is a possibility that the focus will shift to around $51,500, which is the next critical area of demand. Conversely, if BTC rises above $66,250, the chances of a rekindling of the bull market could increase significantly.”
UTXO Estimated Price Distribution (URPD) indicates the price at which the current pool of Bitcoin's unused transaction outputs (UTXO) was generated. More simply, each bar represents the amount of bitcoin that was last traded within a specific price range, according to CryptoSlate.
Why it matters:
The virtual currency market is experiencing major changes. Nevertheless, Bitcoin's long-term potential has not been ignored. A recent report highlights the historical performance of Bitcoin, which is the best performing asset in 8 of the past 11 years, and the annual return from 2013 to 2023124%It was.
However, some experts are calling for caution. The 10x Research report recommended that care be taken to consider declines ahead of Bitcoin's half-life, and suggested that recent declines occurring within the narrowing symmetric triangle could lead to a rapid follow-through of +/ -10%.
Meanwhile, the famous virtual currency trader Altcoin Sherpa shared his insight on Bitcoin's potential trajectory and predicted that the virtual currency king would hit a new high in the future.
Well-known cryptocurrency analyst Benjamin Cowen also suggested that Bitcoin's recent 16% decline could lead to a sharp decline similar to previous market cycles.
Price trends:
Bitcoin is currently trading at $64,053 and recorded a slight increase of 0.47% over the past 24 hours. Performance since the beginning of the year has been particularly strong,Significant increase of 45.01%It has become.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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