Is Bitcoin heading towards $78,700 soon? A renowned cryptocurrency analyst has revealed a crucial support for the leading cryptocurrency to achieve a substantial high and potentially break its all-time high.
Ali Martinez, a cryptocurrency market technical analysis expert, shared on July 2nd that one of the most important resistance levels for Bitcoin is $65,795. According to the analyst, if the market’s largest cryptocurrency manages to break through this price zone, Bitcoin could reach a new ATH by rising above $78,000.
“The most crucial resistance area for Bitcoin is $65,795. If $BTC can break this level, the next significant target is $78,700!” the analyst wrote.
The highest price ever paid for Bitcoin (BTC) was $73,737.94, recorded on March 14th. Comparatively, the current price of BTC is 14.99% lower than its historical peak.
At the time of publication, the Bitcoin price was quoted at $61,983.96, with a 1.4% increase in the last 24 hours.
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Renowned cryptocurrency analyst Ali Martinez shared an optimistic prediction about Bitcoin for the month of July, highlighting that generally when the largest cryptocurrency performed negatively in June, BTC re-emerged very strongly the following month. Amidst several developments in the cryptocurrency market in June, the Bitcoin price was influenced and experienced significant drops, dropping to $60,000.
In a recent shared analysis, Martinez suggested that Bitcoin has the potential to experience a considerable price increase in July, presenting a significant market recovery. “Historically, when Bitcoin had a negative June, it tends to recover strongly in July. In fact, $BTC has shown an average return of 7.98% and an average return of 9.60% during this month,” the expert wrote.
Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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