The price of Bitcoin (BTC) has been trending downward recently. Renowned cryptocurrency analyst Capo of Crypto provided views on the state of the BTC market on X in a recent update. In addition, the expert anticipates a rise to $71,000 despite the pessimistic rumors regarding Mt. Gox’s possible selloff in Bitcoin.
Will Bitcoin Achieve $71,000?
Capo states that $67,000 represents the main support level for Bitcoin. Demand is increasing at this point, so this level should hold, and a positive continuation is anticipated (primary scenario),” he said. Nevertheless, $65,000 is the next level to watch if this support breaks.
Furthermore, Capo predicted in a chart included with the article that if the $67,000 support holds, the price might rise to $71,000, smashing the $69,000 resistance. The expert also talked about worries about the recent Bitcoin changes connected to the now-defunct exchange Mt. Gox.
He also made it clear that the transfers, which totaled nearly 43,000 BTC, or roughly $3 billion, were intended for payback planning rather than immediate user repayments. “The entire payback process will not be completed until October 2024, notwithstanding some progress and confirmations. Thus, there’s nothing to worry about (yet),” he said.
However, information from Arkham Intelligence showed that the Bitcoin above reserve was transferred in three quick transactions totaling 12.24k, 14.05k, and 16.589k BTC. Capo’s study indicates that the market shouldn’t be unduly alarmed despite a significant move.
His viewpoint is consistent with that of another well-known expert who offered commentary on the most recent market reaction: Michaël van de Poppe. “There was no breakthrough for BTC as $70K was turned down. According to van de Poppe, everything will be all right if the $66K holds up as support. But he called the market state right now “quite boring.”
Current Bitcoin Price
Ali Martinez contributed to the analysis by pointing out a possible immediate recovery. He pointed out that the hourly chart of Btc showed a buy signal from the TD Sequential indicator. Therefore, according to the analyst, “a one to four candlestick rebound for BTC is anticipated!”
Furthermore, introducing BTC Exchange-Traded Products (ETPs) on the London Stock Exchange supports this positive outlook. These financial instruments can give the market more energy and liquidity.
On Tuesday, May 28, at the time of writing, the price of Bitcoin was down 0.65% to $68,032.57. Conversely, the 24-hour volume of Bitcoin trade increased by 61.70% to $30.30 billion. On the other hand, the oldest cryptocurrency had a massive $1.34 trillion market valuation.
In contrast, a sideways trend was shown by the long and short liquidations for Bitcoin remaining equal. However, according to Coinglass, the protracted liquidations were a step in the right direction since $21.60 million was cleared. Therefore, it is anticipated that the price of Bitcoin will drop temporarily.
