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Bitcoin’s Next Move: New ATH or Dump to $55K? Analysts Clash but Bulls Dominate

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Bitcoin’s price has stalled over the past several days in a tight range between $77,000 and $78,200. The more macro perspective shows another range, this time between $65,000 and $79,000, in which the asset has traded since the early February crash to $60,000 and the subsequent recovery.

However, analysts are adamant that the cryptocurrency is close to making a major move: the question is, as always, in which direction.

$96K, ATH, or $55K Next?

Analyst Ali Martinez told his over 165,000 followers on X that bitcoin had successfully reclaimed the -0.5 MVRV pricing band, currently located at $73,700. This became possible earlier this month following the ceasefire announcement between the US and Iran, and is the “pivot point for the current trend,” he added.

Martinez remains bullish for a major breakout toward $96,000, where the next big resistance is located that capped the asset’s price moves in January. It’s possible as long as BTC remains above the $73,700 level, while a breakdown below it would invalidate the bullish scenario. If that’s to occur, the asset could plunge toward the Realized Price at around $55,000.

Interestingly, EGRAG CRYPTO’s bearish target sits at the same level. The analyst believes this is the “worst-case” and “final” shakeout, which would represent a 55%-56% drop from the October all-time high. However, EGRAG’s other scenario envisions a surge to a new all-time high if BTC reclaims the $90,000 resistance.

The Most Bullish Scenario

Fellow analyst Michaël van de Poppe also weighed in on BTC’s potential future price moves, suggesting that its ‘most bullish scenario’ would be a breakout to $100,000 in the following months, which would invalidate “essentially every bearish retest” by “clearly” making a new higher high.

Although he didn’t give this scenario “a lot of value,” he believes a breakout above $84,000-$87,000 will serve as evidence that “we’re done with the bear market.”

“Additionally, the bear market doesn’t go deeper in sigma outlier than the bull market has been. This time is no different; it has already hit those regions,” he added before doubling down that a surge past $84,000-$87,000 would solidify the end of the bear market.

Prispevek Bitcoin’s Next Move: New ATH or Dump to $55K? Analysts Clash but Bulls Dominate appeared first on CryptoPotato.

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