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Popular crypto analyst Jelle has suggested that the market flagship Bitcoin (BTC) could reach the $75,000 level anticipated by investors by the end of the week. The leading cryptocurrency had experienced a decline in momentum after reaching its all-time high.
Bitcoin’s Price Correction Phase
During the specified period, Bitcoin underwent a correction of approximately 18% and fell below the $61,000 level last week. Since then, the cryptocurrency has managed to reduce these losses and reclaim the peak of its previous bull run. Earlier today, the largest cryptocurrency surpassed the $71,500 level in major spot exchanges but then fell below the $69,000 level.
Following the US’s largest exchange, Coinbase, not dismissing the lawsuit filed by the US Securities and Exchange Commission, Bitcoin, along with the broader crypto market, lost some ground. Data from the crypto analytics firm Coinglass shows that approximately $239 million worth of cryptocurrency was liquidated in the last 24 hours.
Expert Opinion on BTC
A significant portion of these positions are long (worth $166 million). Renowned crypto analyst Ali Martinez believes the main resistance barrier for Bitcoin is between $70,180 and $70,600. According to data provided by IntoTheBlock, a large concentration of 291,000 addresses that purchased Bitcoin at an average price of $70,223 are now out of the money.
According to data released by blockchain analysis firm Glassnode, the flagship cryptocurrency has reached a “statistically significant level” in terms of unrealized profit held in its supply. Additionally, with only 21 days left until the next Bitcoin halving, there is a significant group of investors who still believe that the largest cryptocurrency could see a major rise before this significant event. At the time of writing, the leading cryptocurrency was trading at $68,690, very close to its previous all-time high of $69,000.
