Bitcoin Expert Forecasts Possible Price Jump $75000 by Weekend

Bitcoin BTC up

Analyst Jelle predicts that Bitcoin might reach $75,000 by the upcoming weekend. However, Bitcoin faced an 18% correction, dipping below $61,000. Despite this setback, it managed to bounce back, surpassing $71,500, although it experienced another decline afterward.

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Following Coinbase’s decision not to dismiss the lawsuit filed by the US Securities and Exchange Commission (SEC), both Bitcoin and the wider crypto market experienced a downturn. Coinglass data reveals that approximately $239 million worth of cryptocurrency was liquidated within the last 24 hours, with a notable portion of these positions being long, totaling $166 million.

Bitcoin Faces Resistance as Analyst Identifies Key Barrier

Renowned crypto analyst Ali Martinez has pinpointed the primary resistance zone for Bitcoin, ranging from $70,180 to $70,600. IntoTheBlock’s data reveals a significant concentration of 291,000 addresses that purchased Bitcoin at an average price of $70,223, currently finding themselves in an out-of-the-money position.

Bitcoin’s Unrealized Profit Levels and Halving Expectations: Data from Glassnode highlights Bitcoin’s attainment of a “statistically significant level” in terms of unrealized profit within its supply. Despite this, with only 21 days remaining until the next Bitcoin halving, a notable cohort of investors remains hopeful for a substantial price surge leading up to the event.

Current Bitcoin Trading Position: At the time of the report, Bitcoin was trading at $68,690, nearing its previous all-time high of $69,000.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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