Bitcoin Price Analysis: Fresh All-Time Highs and Key Support Levels
Bitcoinโs price has climbed over 60% this year, hitting a new all-time high above $73,500 before correcting below $66,000. The recent correction led to the establishment of a key support range between $64,750 and $66,700, where a significant number of addresses are holding substantial amounts of BTC.
Support Levels and Address Holders
- The support range between $64,750 and $66,700 has 382,000 addresses holding over 275,000 BTC.
- If Bitcoin breaks below these levels, the next significant demand zone is between $60,760 and $62,790, with 797,500 addresses holding over 298,000 BTC.
Resistance Levels and Address Holdings
- Bitcoin is facing resistance between $70,180 and $71,430, where 533,300 addresses collectively hold 433,000 BTC.
- If BTCโs price surpasses these levels, the wallets holding these BTC could move to break even.
The recent pullback in Bitcoinโs price followed its fifth all-time high in seven days. Market conditions prompted a risk-averse environment, leading to the correction and shakeout of weaker hands.
Impact of Inflation Reports
The higher-than-expected inflation report has raised concerns about the Federal Reserveโs monetary policy. The possibility of steady or increased interest rates to combat inflation is now a prevalent narrative in the market.
Bernsteinโs Coverage of Robinhood and Crypto Market Predictions
- Bernstein initiated coverage of Robinhood with an โoutperformโ rating and a $30 price target.
- The firm predicts a significant crypto market cycle, forecasting a total market cap of $7.5 trillion by 2025.
- This surge could lead to substantial growth in Robinhoodโs cryptocurrency revenue, potentially increasing by a factor of nine.
Market Capitalization Predictions
- Bitcoinโs market cap is expected to reach $3 trillion by 2025, doubling its current value to over $150,000 per BTC.
- Ethereum is forecasted to hit a market cap of $1.8 trillion, indicating significant growth potential.
The cryptocurrency marketโs price volatility provides opportunities for both short-term traders and long-term investors to capitalize on market movements. Understanding key support and resistance levels, alongside market predictions, can help you navigate the ever-changing landscape of crypto investments.
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