Analyst’s Insights
Analyst Ali Martinez believes that Bitcoin can reach $76,610 if it can break above $64,290. However, if it fails to do so, it could fall back to $51,970.
Technical Analysis
Martinez’s analysis is based on MVRV bands, which show that $51,970 is a significant support level. Currently, Bitcoin is struggling to break above $64,290, suggesting that it may retest $51,970.
Bearish Outlook
Despite Martinez’s analysis, some analysts, like Mikybull Crypto, believe that Bitcoin is still in a bearish trend. They argue that the recent price action is simply a retest of support levels.
Upward Trajectory
Analyst Rekt Capital suggests that Bitcoin may soon resume its upward trend as the “Danger Zone” period ends on May 13th. However, he also notes that a Reaccumulation period usually follows the halving, which could last up to five months.
Support Levels
Rekt Capital believes that Bitcoin is unlikely to fall below $60,000 again. A weekly close above $60,600 would further solidify this support level.
Current Price
At the time of writing, Bitcoin is trading around $61,100, up in the last 24 hours.
