As developments in the cryptocurrency market continue to make headlines, this process has triggered a rise in the market. According to historical patterns observed by cryptocurrency investors, Bitcoin could move towards $71,500 after surpassing the $65,000 price point on July 16. The price recovery has also increased the interest of future investors predicting Bitcoin’s short-term price movements.
What Is Happening with Bitcoin?
Cryptocurrency investor Rekt Capital explained in a July 16 post that Bitcoin’s break of $65,000 means it is ready to move towards the $65,000-$71,500 range. Rekt referred to a Bitcoin price cluster graph that divides price ranges into separate boxes to show previous times when Bitcoin surpassed the $65,000 threshold before approaching the $71,500 level four times this year.
According to CoinMarketCap data, Bitcoin is currently trading at $65,846 at the time of publication. If Bitcoin rises to $71,500, the next significant stage could be its all-time high of $73,649 reached on March 13.
Details on the Subject
During this process, there is a risk of many short positions being liquidated at $71,500, which means that many future investors are confident that the price will not reach this level for now. According to CoinGlass data, approximately $1.47 billion worth of short positions will be wiped out at the $71,500 level. Despite this, the last five days have rebuilt confidence among future investors; Open Interest (OI) data increased by 13% during the same period.
Meanwhile, crypto analyst Mags noted that Bitcoin’s recent price drop to $56,649 on June 12, falling below the 200-day moving average, could signal a repetition of historical patterns seen in August 2023, when Bitcoin increased by 17.5%. In just two months, it reached $47,000. Mags shared the following statements on the subject:
“If a similar pattern repeats after the recent drop, we could soon see a value above $70,000 for Bitcoin.”
Another popular crypto investor, Yoddha, believes that the sharp drop was a scam to trap all panic sellers.
