The Bitcoin (BTC) price is grappling with a downtrend lately. In a recent update, Capo of Crypto, a well-known crypto analyst, shared insights on Bitcoin’s current market situation on X. Moreover, the analyst expects a surge to $71,000 despite the bearish speculations around Mt. Gox’s potential BTC selloff.
Will BTC Rally To $71,000?
According to Capo, the primary support zone for Bitcoin is at $67,000. He noted, “Demand is being added here, so this level should hold and bullish continuation is expected (main scenario).” However, if this support fails, the next level to watch is $65,000.
Moreover, in a chart attached to the post, Capo also projected a potential surge to $71,000 if the $67,000 support holds, breaking the $69,000 resistance. In addition, the analyst also addressed concerns surrounding the recent movements of Bitcoin linked to the defunct exchange Mt. Gox.
Additionally, he clarified that the transfers, which totaled approximately 43,000 BTC worth about $3 billion, were for repayment preparation and not for immediate user repayments. “Although there have been confirmations and some progress, the full repayment process extends until October 2024. So nothing to worry about (yet),” he explained.
Whilst, Arkham Intelligence data revealed that the above-mentioned Bitcoin reserve was moved in three transactions of 12.24k BTC, 14.05k BTC, and 16.589k BTC within a short timeframe. Despite the significant transfer, Capo’s analysis suggests that the market should not be overly concerned.
His perspective aligns with Michaël van de Poppe, another prominent analyst, who commented on the recent market reaction. “No breakout happening for #Bitcoin as $70K was rejected. I’d like $66K to be holding up as support, and then everything is fine,” van de Poppe stated. However, he described the current market environment as “quite boring.”
Also Read: Top 4 Altcoins To Buy As Bitcoin Price Prepares For $100,000 Bull
Bitcoin Price Today
Adding to the analysis, Ali Martinez highlighted a potential short-term rebound. He noted that the TD Sequential indicator presented a buy signal on Bitcoin’s hourly chart. Hence, the analyst is “anticipating a one to four candlesticks rebound for BTC!”
Moreover, this optimistic outlook is bolstered by the launch of Bitcoin Exchange-Traded Products (ETPs) on the London Stock Exchange. These investment products could inject fresh interest and liquidity into the market.
As of writing, the Bitcoin price was down 0.65% to $68,032.57 on Tuesday, May 28. On the contrary, the 24-hour trading volume for BTC spiked 61.70% to $30.30 billion. Whilst, the oldest crypto held a massive market capitalization of $1.34 trillion.
Whilst, the long and short liquidations for BTC remained at par, signalling a sideways movement. However, the long liquidations were a step toward with $21.60 million liquidated, according to Coinglass. Hence, the Bitcoin price is expected to be in the red for the time being.
Also Read: Mt. Gox Moves $3 Billion in Bitcoins to Unmarked Address, BTC Price Slips 2%
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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