Fun

$95K or $120K? Bitcoin traders diverge on next BTC price top

News Feed - 2024-08-02 04:08:00

Zoltan Vardai4 hours ago$95K or $120K? Bitcoin traders diverge on next BTC price topBitcoin could reach a macro price top of above $100,000, but can BTC stage a weekly close above $71,500 to confirm a breakout?2173 Total views6 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onTraders and market analysts are divided over Bitcoin’s next potential macro top, which could reach $120,000 according to more bullish estimates. Can Bitcoin get a weekly close above the $71,500 mark?Can Bitcoin’s price top surpass $120k?


Bitcoin’s (BTC)  price could be on track to the next leg up in the bull cycle, which could see the world’s first cryptocurrency hit the $120,000 mark, according to technical analysis by crypto trader Mikybull.


The popular trader wrote in a July 31 X post to his 71,000 followers:“Bitcoin is getting ready for the next wave of rally which will bring it to $120k+ level. Buckle up your seatbelt.”BTC/USD, 3-day chart. Source: Mikybull


However, more conservative estimates are eyeing below the $100,000 mark as a potential macro top. For instance, crypto analyst Mags expects Bitcoin’s next major milestone to be above the $95,000 mark, based on technical chart patterns


The analyst wrote in a July 31 X post:“BTC is still trading within a descending broadening wedge pattern. The price is consolidating near the upper resistance line, a breakout could lead to a massive upside rally. The technical target for this pattern is $95,700.”BTC/USD, descending broadening wedge pattern. Source: Mags


Contributing to the bullish sentiment, new Bitcoin investors increased by 3% from the $57,000 level.


Yet, new investors could increase by 50% as we reach the peak of the Bitcoin cycle, according to crypto researcher and verified CryptoQuant author Axel Adler, who wrote in a July 31 X post:“From the $57K level, the market gained 3% new investors - that’s a lot, considering that after the FTX crash, the metric increased by 4%. The main influx of newcomers will resume with the price rise, and at the peak of the cycle, it should exceed 50%.”BTC: new investors, realized cap, 1-month. Source: Axel Adler


Related:Bitcoin, gold on track to break out as ‘macro summer’ begins — AnalystBitcoin needs a weekly close above $71,500


According to popular analyst Rekt Capital, Bitcoin needs a weekly close above the $71,500 mark to confirm the next leg up in the bull cycle.


In a July 29 X post, the analyst wrote that Bitcoin could remain in consolidation for the next couple of weeks:“A Weekly Candle Close above ~$71500 would probably kickstart the breakout from the Re-Accumulation Range. However, history suggests Bitcoin should consolidate inside this Re-Accumulation Range for several weeks more.”BTC/USD, 1-week chart. Source: Rekt Capital


An extended Bitcoin consolidation would help synchronize Bitcoin with previous historic halving cycles, which means that it would peak later in the cycle, the analyst added.


However, Bitcoin faces significant resistance at the $67,000 and $67,500 mark. A hypothetical move above $67,000 would liquidate over $940 million worth of cumulative leveraged short positions, according to CoinGlass data.Bitcoin exchange liquidation map. Source: CoinGlass


Total short liquidations would surpass $1.4 billion if the Bitcoin price breaks $67,500.


Related:$35T US national debt could bolster Bitcoin’s adoption as ‘hard money’# Bitcoin# Cryptocurrencies# Analysis# Bitcoin Price# Bitcoin Analysis# Markets# Price Analysis# Trading# Bitcoin TraderAdd reaction

News Feed

Binance Discontinues Futures and Derivatives Products in Germany, Italy, and the Netherlands
Binance Discontinues Futures and Derivatives Products in Germany, Italy, and the Netherlands Binance, the leading cryptocurrency exchange by trading volumes, ann
Moody’s: Cryptocurrencies Unlikely to Help Russia Evade Sanctions
Moody’s: Cryptocurrencies Unlikely to Help Russia Evade Sanctions Russia’s ability to employ cryptocurrencies to circumvent international sanctions is restricted by the li
India, UAE Collaborate to Boost Cross-Border Central Bank Digital Currency Transactions
India, UAE Collaborate to Boost Cross-Border Central Bank Digital Currency Transactions India’s central bank, the Reserve Bank of India (RBI), and the Central Bank of the United
BTC price tags $66K — can Bitcoin bulls beat out $100M of asks?
William Suberg30 minutes agoBTC price tags $66K — can Bitcoin bulls beat out $100M of asks?Bitcoin buyers need to ramp up pressure to squeeze the market back toward all-time highs, BTC price analysis concludes.205 Tota
Fed Governor Brainard Identifies Libra Threat, Says Regulatory Hurdles Abound
Federal Reserve governor Lael Brainard delivered a sharp critique of Libra on Wednesday, stating the Facebook-led project would need to resolve a number of regulatory hurdles before going live.
SEC Chairman Jay Clayton Explains US Crypto Regulation, Calls Bitcoin a Store of Value
SEC Chairman Jay Clayton Explains US Crypto Regulation, Calls Bitcoin a Store of Value The chairman of the U.S. Securities and Exchange Commission (SEC) has expl
Bitcoin Nears $100,000: Market Expert Predicts $200K Surge Amid Retail FOMO And Volatility
Este artículo también está disponible en español. The Bitcoin (BTC) price held just below $100,000 at the week’s end, falling 7% to roughly $91,000 on Thursday. Thi
Bernstein analysts expect $200K Bitcoin price by 2025 due to spot BTC ETF flows
Nancy Lubale7 hours agoBernstein analysts expect $200K Bitcoin price by 2025 due to spot BTC ETF flowsAnalysts at Bernstein predict Bitcoin price to hit $200,000 by 2025 and $1 million by 2033.1631 Total views7 Total sha
Central African Republic President Says Successful Launch of Sango Coin a Key Milestone
Central African Republic President Says Successful Launch of Sango Coin a Key Milestone According to Central African Republic President Faustin-Archange Touadéra, his country&
J.W. Verret5 hours agoWorldcoin: Should you let Sam Altman scan your eyeballs for WLD?Sam Altman believes his product ChatGPT will disrupt the world. As a “solution” to the consequences, he’s asking you to scan you
Crypto Industry Leader Bitcoin.com Secures $33.6 Million in VERSE Token Private Sale
Crypto Industry Leader Bitcoin.com Secures $33.6 Million in VERSE Token Private Sale On Wednesday, the leading crypto industry firm, Bitcoin.com, announced it has concluded a priva
UK Court Denies Maduro Access to $1 Billion of Venezuela’s Gold
UK Court Denies Maduro Access to $1 Billion of Venezuela"s GoldThe UK is denying Nicolas Maduro access to Venezuela’s gold worth about $1 billion, stored at the Bank of Englan