Fun

Bitcoin analysts say 74K is the next stop for BTC price

News Feed - 2024-07-19 01:07:20

Zoltan Vardai7 hours agoBitcoin analysts say 74K is the next stop for BTC priceBitcoin could be gearing up for a rally to the $74,000 mark, but to confirm the move, it needs to reclaim the old all-time high of $69,000.5375 Total views11 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin analysts are pointing to the $74,000 mark as the next significant price level in the current bull cycle. Here’s why Bitcoin’s price could be headed above the $74,000 mark.Bitcoin bull flag points at key $74,000 target


Bitcoin’s (BTC) price could be heading toward the $74,000 mark, or the current all-time high, based on a popular technical chart formation, according to popular analyst Trader Tardigrade.


The trader wrote in a July 18 X post:“Bitcoin next target: $74,000. BTC has formed a Tight Bull Flag on daily chart. The measuring target from the flag pole is $74k.”Bitcoin bull flag. Source: Trader Tardigrade


A bull flag is a bullish technical chart pattern formed by two rallies separated by a short retracement period, which signals more upward momentum.


However, historic all-time high price levels remain key support and resistance areas. First, according to Yann Allemann — aka Negentropic — co-founder of Glassnode, BTC/USD must reclaim the old all-time high of $69,000 before confirming a potential rally to $74,000, the current all-time high.


The co-founder wrote in a July 18 X post:“Bitcoin has rallied ~21% since the low on Friday, July 5th. Various technical levels have been broken in a Bullish manner […] Now we look up for the next likely level of 69K before 74K and onwards. We remain Bullish!”BTC/USD, 1-day chart. Source: Negentropic


However, Bitcoin faces significant resistance at $65,000, a price level that has become a key line in the sand for crypto analysts.


Bitcoin has seen United States spot exchange-traded fund (ETF) inflows worth over $1.91 since July 5, but BTC’s price failed to remain above $65,000.


“Bitcoin is not quite ready just yet for a successful retest of the ~$65,000 level as new support,” wrotepopular analyst Rekt Capital.BTC/USD chart. Source: Rekt Capital


Related:Bitcoin bears trapped, but can BTC price surpass $70K by August?Bitcoin remains above key monthly support


Bitcoin’s price remained above a key monthly support level, confirming its price recovery, according to Rekt Capital.


The analyst wrote in a July 17 X post:“Bitcoin has successfully retested the old All Time High major resistance area (red) as new support (green) for the 5th month in a row.”BTC/USD, 1-month chart. Source: Rekt Capital


Yet Bitcoin’s upside potential will largely depend on the inflows into the US spot Bitcoin ETFs.


US spot Bitcoin ETFs saw their highest day of inflows since the beginning of June, amassing a total of $422 million worth of BTC on July 16, according to Farside Investors data.Bitcoin ETF Flow Table (USD, millions). Source: Farside Investors


ETF inflows were a significant part of Bitcoin’s 2024 price rally. By Feb. 15, Bitcoin ETFs had accounted for about 75% of new investment in the world’s largest cryptocurrency as it surpassed the $50,000 mark.


Related:Over 36% of Mt. Gox Bitcoin distributed to creditors, but whales keep accumulating


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# Bitcoin Analysis# Markets# Market Analysis# Bitcoin ETFAdd reaction

News Feed

Helen Partz13 hours agoPayPal PYUSD stablecoin is 100% backed: Paxos transparency reportThe total assets held in PayPal USD custody “meet or exceed the token balance,” with total tokens outstanding amounting to $44.4
HK bank supports nation's regulatory goals with reserve services
Amaka Nwaokocha57 minutes agoHK bank supports nation"s regulatory goals with reserve servicesThis development aligns with the city’s regulatory goals and represents a forward-thinking approach to integrating traditiona
Brayden Lindrea4 hours agoShibarium wallets surpass 100K after SHIB devs relaunch bridgeShytoshi Kusama, the co-founder of the SHIB token, said the bridge was fixed with the help of Polygon Labs co-founder Sandeep Nailwa
Anchored Coins warns of potential issues for AEUR amid FlowBank collapse
Turner Wright5 hours agoAnchored Coins warns of potential issues for AEUR amid FlowBank collapseThe stablecoin issuer said there was a risk of a “respective loss for the holders of AEUR tokens” due to FlowBank’s ba
Ukraine to Be Best Crypto Jurisdiction With New Tax Rules, Digital Minister Says in Davos
Ukraine to Be Best Crypto Jurisdiction With New Tax Rules, Digital Minister Says in Davos Ukraine will become the world’s best jurisdiction for crypto assets, the minister overse
Former FTX Director of Engineering Under Scrutiny by US Law Enforcement, Alleged Proffer Sessions Held With Prosecutors in New York
Former FTX Director of Engineering Under Scrutiny by US Law Enforcement, Alleged Proffer Sessions Held With Prosecutors in New York U.S. law enforcement officials are reportedly sc
David Marcus Launches Bitcoin Payments Startup Lightspark
David Marcus Launches Bitcoin Payments Startup Lightspark David Marcus, former cryptocurrency head at Meta, is launching Lightspark, another payments company that will use crypto a
Vitalik Buterin donates over $500K in animal-themed coins to charity
Ezra Reguerra10 hours agoVitalik Buterin donates over $500K in animal-themed coins to charityVitalik Buterin urged the community to send the memecoin token funds they want to send him directly to charities.8362 Total vie
Tom Blackstone10 hours agoWeb3 game project allegedly hired actors to pose as executives in $1.6M exit scamCertiK says Standard Cross Finance hired actors to pose as executives, then dumped tokens on investors, draining
Spain’s Tax Authority Sending Notices to 66,000 Cryptocurrency Owners
Spain"s Tax Authority Sending Notices to 66,000 Cryptocurrency Owners The Spanish tax authority has reportedly started sending notices to about 66,000 cryptocurrency owners in th
Why is Ether (ETH) price up today?
Yashu Gola9 hours agoWhy is Ether (ETH) price up today?Ether"s rally today is primarily fueled by institutional investors buying during its early-July downtrend and renewed optimism from new Ethereum ETF filings.582 Tota
Francisco Rodrigues9 hours agoBlockchain devs expect complications from EU smart contract kill switchThe EU’s Data Act could introduce “kill switch” requirements for smart contracts, raising questions about how dec