A notable crypto analyst, Jelle, has indicated that Bitcoin might soon hit a high of $75,000, a target eagerly awaited by enthusiasts. Having recently reached an all-time peak, the digital currency experienced a loss in drive. Nonetheless, there’s a positive sentiment in the air, with proponents eyeing an end-of-week climb to this significant price point.
Recovering from a Market Dip
Bitcoin recently endured a price correction, dipping nearly 18% and slumping below $61,000. Not one to stay down, the currency bounced back, revisiting the zenith of its prior rally. Just today, it soared past $71,500 on various key exchanges before retracting slightly below $69,000.
The cryptocurrency sector took a hit following Coinbase‘s decision not to discard a lawsuit by the US Securities and Exchange Commission. Subsequently, the market observed a considerable volume of liquidation, with Coinglass reporting the loss of around $239 million in crypto assets within 24 hours.
Insights from Crypto Analysts
The liquidated assets were predominantly long positions, valued at $166 million. Crypto expert Ali Martinez has pointed out that Bitcoin faces a critical resistance barrier ranging between $70,180 and $70,600. IntoTheBlock’s data reveals that about 291,000 Bitcoin holders who bought at an average of $70,223 are now seeing losses.
Glassnode’s analysis implies Bitcoin has hit a key level in terms of the unrealized profit in its supply. Furthermore, with the next Bitcoin halving only 21 days away, many investors anticipate a substantial price surge ahead of this pivotal event. Currently, Bitcoin’s trading value hovers around $68,690, teasing its previous record high of $69,000.