Nope, ifekoyimo Bitcoin Capo, the Top Analyst of Bitcoin Top Analyst Predicts Capo of Crypto Names, has been putting a lot of effort into tackling the downtrend. With the name of Capo under his belt, this well-acclaimed figure in digital currency circles not very long ago delivered his opinion on X’s account, highlighting the overall Bitcoin situation so far. Besides, the analyst sees a massive surge of $71,000, despite the analysts’ doom and gloom about its possible sell-off due to Tai Gox (Sit Gox) cash-out.
Will BTC Rally To $71,000
Capo has declared that the main supporting level for Bitcoin Top Analyst Predicts is set at $67,000. In his words, “Demand is being added here, so this level should remain, and a bullish continuation is expected (main scenario).” Dollar $65,000 is the next area to look for if this support doesn’t sustain. Capo also provided a chart that if the $67,000 support is stable and the price breaches the $69,000 resistance, then it might be a case for a rise to $71,000. On the other hand, the bad guy also discussed the fluctuations of Bitcoin, which are associated with the now out-of-business Mt. Gox exchange.
In addition, he explained that 43,000 BTC, or approximately 3 billion dollars, were transferred to prepare for the payback and not for immediate customer refunds. Although there have been assurances and some progress, the entire repayment will not be over until October 2024. So there is no need to worry (yet), said he.
Arkham Intelligence states that BTC reserves of 12,243, 14,056, and 16,589 thousand have made three quick transfers. Besides, Capo’s conclusion is that the market should not overreact to this huge change which has occurred. He shares the same with Michaél van de Poppe, another expert of note. Who noted the more recent reaction of the market? The rejection of $70,000 has led to no recent breakout for Bitcoin. Van de Poppe said they want a secure line of $66K. This way, everything will be fine.
Bitcoin Price Today
Ali Martinez’s reference to a potential short-term recovery was added as a complement to the analysis. TD Sequential indicator was the tool he referred to, which flagged a buy signal on BTC’s hourly chart. In the analyst’s words, a “one to four candlesticks rebound in BTC!” is what he sees down the lane. Further, Bitcoin ETPs, now available on the London Stock Exchange, significantly contribute to this favorable situation. Many novice traders and even those who know little about Bitcoin are getting into these financial goods markets.
Tuesday, May 28, was the price fall day for Bitcoin, leading to it being $68,032.57, a drop of 0.65%. Bitcoin Top Analyst Predicts recorded $30.30 billion in a single day’s trading volume after a sharp increase of 61.70 percent. Capitalization of this flagship virtual currency was at an unfathomable $1.34 trillion. It also implies that the first cryptocurrency’s liquidations were not going high or low but stayed at that level. According to Coinglass, $21.60 million was left because of the short liquidations. As a consequence, the price of BTC is expected to be sluggish in the short term.
FAQs
What is the key support level Capo is focusing on for Bitcoin?
Capo highlights $67,000 as the main support level, which is crucial for Bitcoin's potential bullish continuation.
How is Mt. Gox affecting Bitcoin's price?
Capo mentions that the Mt. Gox repayment process, involving 43,000 BTC, is ongoing and could impact Bitcoin's market but assures there's no immediate cause for concern.
What do other analysts like Michaél van de Poppe say about Bitcoin?
Michaél van de Poppe agrees with Capo, suggesting that $66,000 is a key support level for Bitcoin, and a secure hold there could lead to positive price movement.
Is Bitcoin's current market situation showing any short-term recovery?
Analyst Ali Martinez points to a buy signal on Bitcoin's hourly chart, indicating a potential short-term rebound in the price.
