Onchain data analytics platform CryptoQuant reports that the price of Bitcoin (BTC) is trading at a psychologically important level. Historically, this level serves as a barometer for market sentiment and Bitcoin’s future price movements
For now, BTC is attempting to find a balance in the $62,000 price range.
The CryptoQuant Thesis on Bitcoin (BTC) Price Trend
CryptoQuant’s analyst DataScope wrote on Bitcoin’s current dynamics anticipated to influence its growth trajectory. Citing history, the analyst noted that BTC is positioned between a critical psychological turning point and a zone of optimism.
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This region represents a crucial phase in Bitcoin’s growth trajectory. At this point, market participants can either develop optimistic or pessimistic views depending on whether they are in profit.
However, Bitcoin (BTC) price is unlikely to drop, as long as the coin remains within this range. This sentiment is based on Bitcoin’s impressive performance after attaining the “psychological turning point,” in previous market cycles.
The “Supply in Profit” metric, which measures the proportion of Bitcoin (BTC) supply retained for profit, is also worth watching. Notably, this metric also plays an important role in supporting a potential rally. Currently, Bitcoin’s price levels are testing this zone of optimism, according to DataScope.
Bitcoin’s current range is reminiscent of previous bull market cycles, particularly in 2016 and 2020. In these instances, Bitcoin’s price entered a strong upward trend after crossing the psychological turning point and the optimism zone. Under current conditions, Bitcoin could see a similar move if positive market sentiment and strong investor confidence are maintained.
Bitcoin Reaction to the HBO Documentary and Volatility Risks
Satoshi Nakamoto created Bitcoin (BTC) in 2008 and launched it in 2009 before disappearing completely from the internet in 2011.
Many have made attempts over the years to track him and disclose his identity. In fact, many people have claimed they are the BTC creator. However, evidence gathered thus far shows the real Satoshi identity remains unknown.
Notably, a new HBO documentary claims to have discovered the name of the Bitcoin founder.
This is arguably the hottest topic of discourse in the crypto market in the past few days. The HBO documentary, which went live on Tuesday, named Peter Todd the Satoshi Nakamoto, a claim Todd denied on X.
Bitcoin is visibly reacting negatively to the recent speculations about Satoshi Nakamoto’s identity. In the past 24 hours, BTC’s price decreased by 1.5% to $61,741. The trading volume declined by 13%, indicating investors’ pessimistic outlook.
Will Bitcoin Retest ATH soon?
Despite Bitcoin’s bearish outlook, legendary trader Peter Brandt has expressed bullish sentiments for the leading coin. In an X post, Brandt is positive Bitcoin will reclaim an All-Time High (ATH) soon above $73,750 soon. His prediction is based on Bitcoin’s performance after the April halving event.
He highlighted that Bitcoin usually experiences upticks in the second half of halving cycles. As a result, he believes Bitcoin is on track to see a new ATH soon if historical trends hold. Brandt forecasted a bullish Bitcoin target of $135,000 between August and September 2025.
However, he acknowledged that Bitcoin (BTC) correction to below $48,000 negates his analysis.
