Bitcoin (BTC) has rallied 14% over the past week and is now battling to maintain its position above $66,500. Analysts are analyzing the leading cryptocurrency’s price trajectory, debating whether this is a temporary pause before a major leap or if bearish forces are regaining control.
On July 18, analyst Mags highlighted Bitcoin’s resilience after dipping below the 200-day moving average (MA). Drawing parallels to a similar event in August 2023, Mags noted that BTC’s price surged 164% after reclaiming the 200 MA. If history repeats, BTC could soon breach the $70,000 mark.
Mags further elaborated on the current market phase, suggesting that the “real” bull run hasn’t even begun. Historically, Bitcoin tends to move sideways for several months following a halving event. This period of consolidation often presents the final opportunity for investors to accumulate BTC at lower prices before a vertical price movement occurs.
The analyst pointed out that the monthly Relative Strength Index (RSI) hasn’t yet reached extreme levels (90+) as seen in previous cycles, indicating significant upside potential. Mags emphasized that the next phase of this bull cycle could be “legendary.”
Bitcoin quick recovery: from $60,000 to $66,000
Adding to the bullish sentiment, analyst Rekt Capital highlighted the significance of Bitcoin holding firm at its current blue level, reinforcing the optimistic outlook. If Bitcoin can maintain this support, it may head towards retesting the $71,500 threshold.
Historical data indicates that breaching the $65,000 mark often leads to a return to the low $70,000 range. Confirmation of a breakthrough would come with a daily closure above this crucial blue level, accompanied by a subsequent reevaluation.
After a recent price correction, Bitcoin has shown promising signs, bouncing back swiftly and surpassing $66,000. This resurgence has sparked talks about the cryptocurrency’s potential for achieving new record highs soon.
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