Will Bitcoin (BTC) price soon head towards $78,700? A renowned cryptocurrency analyst has revealed a crucial support for the largest crypto asset to reach a significant rally, potentially breaking its all-time high.
Cryptocurrency technical analysis expert Ali Martinez shared on July 2 that one of the most important resistance levels for Bitcoin is $65,795. According to the analyst, if the largest cryptocurrency on the market manages to break through this price zone, Bitcoin could reach a new ATH by rising above $78,000.
“One of the most crucial resistance areas for Bitcoin is $65,795. If $BTC can break through this level, the next significant target is $78,700!” the analyst wrote.
One of the most crucial resistance areas for #Bitcoin is $65,795. If $BTC can break past this level, the next significant target is $78,700! pic.twitter.com/tcxTJlKUo3
— Ali (@ali_charts) July 2, 2024
The highest price paid for Bitcoin (BTC) was $73,737.94, recorded on March 14. Comparatively, the current price of BTC is 14.99% lower than its all-time high.
At the time of publication, the price of Bitcoin was quoted at US$ 61,983.96 with an increase of 1.4% in the last 24 hours.
Bitcoin Forecast July 2024: Price Recovery Imminent
What is the Bitcoin price prediction for July 2024? Based on historical data, a recent analysis predicts an imminent Bitcoin price recovery next month.
Renowned cryptocurrency analyst Ali Martinez shared a bullish Bitcoin prediction for July, noting that when the largest cryptocurrency has typically performed poorly in June, BTC has bounced back strongly the following month. Amid several developments in the cryptocurrency market in June, Bitcoin’s price took a hit and saw a sharp drop, trading as low as $60,000.
In a recent analysis shared by Martinez, he suggested that Bitcoin has the potential to experience a significant price rally in July, marking a major recovery in the market. “Historically, when Bitcoin has had a negative June, it tends to bounce back strongly in July. In fact, $BTC has delivered an average return of 7.98% and a median return of 9.60% during this month,” the expert wrote.
Disclaimer:
The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/bitcoin-em-direcao-a-us-78-700-analista-revela-suporte-crucial-para-novo-ath/
