Bitcoin Bounces Back Strongly in July 2024
After concerns earlier in the week, Bitcoin has rebounded sharply at spot rates. At the time of writing, the world’s most valuable coin is up 20% from July 2024 lows. Considering the upsurge from July 25, there is a high chance it will pierce $70,000 over the weekend and even break above the all-important liquidation level of $72,000.
Analyst Predicts Bitcoin Will Range Between $75,000 And $95,000
As Bitcoin regains footing, much to the excitement of bulls, some analysts now believe this is the beginning of the next leg up. This preview is positive, at least based on the recent price action.
- One analyst said the zone between $75,000 and $95,000 will be the next “hated” region.
- The coin would have broken above all-time highs at $74,000, last printed in March, adding roughly 30% to peak at $95,000.
- When this happens, the analyst said the Bitcoin market “will not be as generous to bears as it is now.”
The precise timeline remains uncertain even as traders expect the coin to rip higher. Traders must wait until bulls clear the roadblock at $72,000 and all-time highs.
Bitcoin Market Overcomes Mt. Gox Concerns
Multiple factors will drive demand from now on. One of them is the general resilience among bulls as the collapsed Mt. Gox exchange distributes coins. So far, on-chain data shared by one analyst reveals that the Mt. Gox BTC reserve has fallen by 66%, distributing nearly 95,000 BTC.
Interestingly, despite initial fears that the market would drop, extending losses of early July, prices have been steady, recovering. The failure of this event to force prices lower or dampen trader or investor sentiment is a massive boost of confidence.
- Other on-chain data shows that long-term holders (LTHs), most of whom are institutions or miners who have held for over 155 days, have been accumulating.
- They could be doubling down after offloading 126,000 BTC worth over $8 billion at spot rates.
- Accordingly, the absence of selling pressure from this cohort will likely support prices, propping up bulls looking to breach $72,000 in the coming sessions.
Hot Take: Bitcoin Shows Strong Resilience and Upsurge in July 2024
After concerns earlier in the week, Bitcoin has rebounded sharply at spot rates. At the time of writing, the world’s most valuable coin is up 20% from July 2024 lows. Considering the upsurge from July 25, there is a high chance it will pierce $70,000 over the weekend and even break above the all-important liquidation level of $72,000. Analysts are optimistic about the future price range of Bitcoin, especially after overcoming Mt. Gox concerns and the accumulation of long-term holders. The market is showing strong resilience and the potential for further growth in the upcoming sessions.
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