Following concerns earlier this week, Bitcoin has rebounded sharply in spot prices. At the time of writing, the world’s most valuable coin is up 20% since its July 2024 lows.
Given the July 25 rally, there is a sturdy possibility the price will break through $70,000 over the weekend, and even the vital liquidation level of $72,000.
Analyst: Bitcoin price expected to range between $75,000 and $95,000
As Bitcoin regains ground, much to the excitement of bulls, some analysts believe this is the beginning of another leg of growth. This is a positive sign, at least based on recent price action.
Moving on to X, one analyst he said The $75,000-$95,000 zone will be the next “hated” region. In this zone, the coin would break above the all-time highs of $74,000, last printed in March, adding about 30% to the $95,000 peak. When that happens, the analyst said, the Bitcoin market “won’t be as generous to bears as it is now.”
The exact timeline remains uncertain even as traders expect the coin to rally. Traders must wait for bulls to clear the $72,000 hurdle and all-time highs.
Looking at the price action between March and July, it’s clear that buyers, even though they had control, were struggling. The correction from about $74,000 to $53,500 in early July was a nearly 27% drop, one of the deepest as the market rebounded.
Bitcoin Market Shakes Off Mt. Gox Fears
From now on, demand will be driven by many factors. One of them is the general resilience of bulls when the Mt. Gox exchange collapsed. On-chain data so far common According to one analyst, Mt. Gox’s BTC reserves fell by 66%, distributing almost 95,000 BTC.
Interestingly, despite initial fears that the market would fall, extending losses from early July, prices were stable, recovering losses. The failure of this event to force prices lower or dampen trader or investor sentiment is a huge boost in confidence.
In addition, other chain data to introduce that long-term holders (LTH), most of whom are institutions or miners who held for more than 155 days, were accumulating. One analyst noted that these entities withdrew as prices rose above $68,000 and reached record highs.
They could double down after selling 126,000 BTC worth over $8 billion at spot rates. As such, the lack of selling pressure from this group is likely to support prices, supporting bulls looking to break through $72,000 in the coming sessions.
Featured image from Canva, Chart from TradingView
