Crypto analyst Ali Martinez highlighted what needs to happen for Bitcoin to be able to augment to $76,000. If that doesn’t happen, he noted that the flagship crypto is at risk of falling significantly to levels not seen since the beginning of the year.
How Bitcoin Can Rise to $76,000
Martinez Mentioned in X (formerly Twitter) post that Bitcoin will likely rise to $76,610 if it manages to regain $64,290 as support. However, if it fails to break above $64,290, the cryptocurrency analyst added that Bitcoin could retest the support at $51,970. Martinez drew this conclusion based on MVRV (Market Value to Realized Value) extreme price deviations that showed an all-time average of $51,970.
Bitcoin has maintained moderate price movement recently and is currently showing no signs of reclaiming $64,290 as support. Instead, it seems more likely that the flagship cryptocurrency will retest the $51,970 price level, given that it intends to do so get below $60,000. However, despite Bitcoin having a bearish outlook, Mikybull Crypto cryptocurrency analyst maintains that Bitcoin’s price action is bearish.
WX (formerly Twitter) posthe mentioned that BTC is undergoing a “simple retest to weary the impatient trader.” “There is nothing bearish because the bears seem to be amplifying it,” he added. The analyst had previously predicted that Bitcoin could surge to $73,000 once it breaches the $67,000 price level.
BTC may soon return to its upward trajectory
Meanwhile, Rekt Capital cryptocurrency analyst hinted that Bitcoin may soon become obsolete, revealing that the post-halving “danger zone” officially ends on May 13. The analyst had previously explained that this Danger Zone is the downside that Bitcoin experienced approximately 21 days after the 2016 Halving.
In another Post X– revealed the analyst Bitcoin perfectly repeated “the 2016 story by offering a drop below the lower end of the current reaccumulation range within three weeks after the halving.” Therefore, with this pullback cleared, the flagship cryptocurrency looks poised for an uptrend.
However, this move may not happen that quickly as Rekt Capital mentioned the re-accumulation period that usually happens after a Bitcoin halving. The cryptoanalyst noted that this period usually lasts up to five months. He added that this time it may be different, because this reaccumulation will take place approx up-to-date all-time record (ATH) area.
While it is uncertain when this price augment will occur, Rekt Capital suggested that Bitcoin may not fall below the $60,000 price level again. He taken over that a weekly close above $60,600 for Bitcoin “would further solidify this price level as the basis for re-accumulation scope.
According to BTC data, at the time of writing, BTC is trading at around $61,100, which has increased over the last 24 hours. data from CoinMarketCap.
BTC bulls fail to hold $63,000 | Source: BTCUSD on Tradingview.com
Featured image from AMBCrypto, chart from Tradingview.com
