Is Bitcoin’s price set to soar towards $78,700 soon? A well-known cryptocurrency expert has unveiled critical support levels that could propel the largest digital asset to new heights, potentially surpassing its previous record.
Technical analyst specializing in the cryptocurrency market, Ali Martinez, disclosed on July 2nd that a significant resistance point for Bitcoin stands at $65,795. Should the primary cryptocurrency breach this threshold, Martinez believes that Bitcoin could surge to a new all-time high, surpassing the $78,000 mark.
“The $65,795 level is pivotal for Bitcoin. A breakthrough here could pave the way for a surge towards $78,700!” stated the analyst.
The current record for the highest Bitcoin price sits at $73,737.94, registered on March 14th. Comparatively, the current value of BTC is approximately 14.99% lower than this historical pinnacle.
As of the time this article was published, Bitcoin was trading at $61,983.96, reflecting a 1.4% increase over the past 24 hours.
Bitcoin Forecast for July 2024: Anticipated Price Rebound
What does the forecast hold for Bitcoin’s price in July 2024? Drawing insights from past data, a recent analysis foresees a potential recovery in Bitcoin’s value in the upcoming month.
Renowned cryptocurrency analyst, Ali Martinez, shared an optimistic outlook for Bitcoin in July, pointing out that historically, following a lackluster performance in June, Bitcoin tends to rebound strongly in the subsequent month. Amidst various developments in the cryptocurrency sphere in June that affected Bitcoin’s value, with prices dipping as low as $60,000, Martinez’s analysis indicates a probable significant price rally for Bitcoin in July, signaling a market recovery.
“Whenever Bitcoin has struggled in June historically, it has rebounded vigorously in July. In fact, BTC has produced an average return of 7.98% and 9.60% in this month,” highlighted the expert.
Disclaimer: The opinions and views expressed by the author and individuals mentioned in this article are for informational purposes only and should not be considered financial or investment advice. Investing or trading in cryptocurrencies carries inherent risks of financial loss.
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