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Bitcoin: Top Analyst Predicts $71K, Downplays Mt. Gox Selloff

Recently, the price of Bitcoin Top Analyst Predicts (BTC) has been working hard to overcome a downward trend. An expert in the cryptocurrency industry, known as Capo of Crypto, recently provided an update on X in which he discussed his thoughts on the current state of the Bitcoin market. In addition, the analyst anticipates a substantial increase to $71,000, notwithstanding the pessimistic assumptions around the possibility of a Bitcoin selloff on Mt. Gox.

Will BTC Rally To $71,000?

Will BTC Rally To $71,000?

Capo has determined that the primary support zone for Bitcoin is $67,000.He said, “Demand is being added here, so this level should hold, and bullish continuation is expected (main scenario)” about the situation. The next level to watch is $65,000, however, if this support fails.

Capo also predicted, in an accompanying graphic, that if the $67,000 support holds and the price breaks through the $69,000 resistance, there is a chance for a rise to $71,000. Worse yet, the expert also addressed concerns about Bitcoin’s recent fluctuations linked to the now-defunct Mt. Gox exchange.

Furthermore, he clarified that the 43,000 BTC (or about $3 billion) transfers were meant for payback preparation and not for immediate customer repayments. The full repayment process will not be finished until October 2024, despite the fact that there have been confirmations and some progress. Therefore, there is none to be concerned about (yet),” he explained.

The Bitcoin Top Analyst Predicts reserve was sent in three separate transactions within a short period of time, totaling 12,24, 14,05, and 16.589 thousand BTC, according to Arkham Intelligence. Furthermore, Capo’s analysis implies that the market should not be excessively concerned despite the massive shift that has taken place.

His viewpoint agrees with that of Michaël van de Poppe, an additional notable expert. Who commented on the more recent reaction of the market. As a result of the rejection of $70,000, there is no current breakout for Bitcoin. The statement made by van de Poppe was, “I would like $66 thousand to hold up as support, and then everything is fine.” On the other hand, he observed that the current market situation is “quite boring.”

Bitcoin Price Today

Bitcoin Price Today

Ali Martinez added a possible short-term comeback to the analysis. He pointed out that the TD Sequential indicator was showing a buy signal on the hourly chart of Bitcoin. A “one to four candlesticks rebound for BTC!” is what the analyst is predicting hence. On top of that, the introduction of Bitcoin ETPs on the London Stock Exchange supports this positive trend. There may be a surge of new buyers and sellers in the market for these financial goods.

On Tuesday, May 28, the price of Bitcoin Top Analyst Predicts was $68,032.57, down 0.65% as of writing. Bitcoin’s 24-hour trading volume surged 61.70 percent, reaching $30.30 billion. The market valuation of the first cryptocurrency was astronomical, at $1.34 trillion. The fact that BTC’s long and short liquidations were flat indicates that the cryptocurrency is moving sideways. Coinglass asserts that $21.60 million left after lengthy liquidations. As a result, Bitcoin’s value will likely remain depressed for now.

Ali Raza

Ali Raza is an experienced freelance content writer. His focus is primarily on aster-crypto and btccoinzone. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media. In addition to being a skilled content writer, Ali Raza is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Ali Raza enjoys traveling, reading, and playing cricket when not writing. He now works as a news and article writer for Astercrypto.

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