Crypto analyst Ali Martinez has pointed out that for Bitcoin to reach $76,000, it must first reclaim $64,290 as a support level. Failure to do so could result in the flagship cryptocurrency dropping to levels last seen at the beginning of the year. Martinez based this analysis on MVRV extreme deviation pricing bands, which indicated $51,970 as the historical average support level.
Despite recent tepid price action, Bitcoin has yet to show strength in reclaiming $64,290 as support. Instead, the cryptocurrency appears to be on track to retest the $51,970 price level, especially as it struggles to stay above $60,000. Crypto analyst Mikybull Crypto remains optimistic, suggesting that the current price action is merely a bearish retest to shake out impatient traders.
Martinez predicted a potential climb to $73,000 if Bitcoin managed to surpass the $67,000 mark. On the other hand, analyst Rekt Capital believes that Bitcoin may soon see positive price movement, as the Post-halving “Danger Zone” officially concludes on May 13. This Danger Zone refers to a historical downside wick observed around 21 days after the previous Halving in 2016, which Bitcoin seems to have repeated in its recent price action.
While the short-term outlook remains uncertain, Rekt Capital highlighted the Reaccumulation period that typically follows a Bitcoin halving, lasting up to five months. However, given the current market conditions and the potential for a new all-time high (ATH), this period may vary. Despite the uncertainty, Rekt Capital suggested that Bitcoin is unlikely to drop below the $60,000 price level again anytime soon.
The path to $76,000 for Bitcoin hinges on reclaiming key support levels and overcoming current price obstacles. While short-term fluctuations may create volatility, analysts remain optimistic about the flagship cryptocurrency’s long-term potential. Investors should monitor price movements closely and consider a variety of factors when making investment decisions in the volatile crypto market.
