Top Analyst Expects Surge To $71K, Slashes Mt. Gox Selloff Concerns
The post Top Analyst Expects Surge To $71K, Slashes Mt. Gox Selloff Concerns appeared on BitcoinEthereumNews.com.
The Bitcoin (BTC) price is grappling with a downtrend lately. In a recent update, Capo of Crypto, a well-known crypto analyst, shared insights on Bitcoin’s current market situation on X. Moreover, the analyst expects a surge to $71,000 despite the bearish speculations around Mt. Gox’s potential BTC selloff. Will BTC Rally To $71,000? According to Capo, the primary support zone for Bitcoin is at $67,000. He noted, “Demand is being added here, so this level should hold and bullish continuation is expected (main scenario).” However, if this support fails, the next level to watch is $65,000. Source: Capo of Crypto | X Moreover, in a chart attached to the post, Capo also projected a potential surge to $71,000 if the $67,000 support holds, breaking the $69,000 resistance. In addition, the analyst also addressed concerns surrounding the recent movements of Bitcoin linked to the defunct exchange Mt. Gox. Additionally, he clarified that the transfers, which totaled approximately 43,000 BTC worth about $3 billion, were for repayment preparation and not for immediate user repayments. “Although there have been confirmations and some progress, the full repayment process extends until October 2024. So nothing to worry about (yet),” he explained. Whilst, Arkham Intelligence data revealed that the above-mentioned Bitcoin reserve was moved in three transactions of 12.24k BTC, 14.05k BTC, and 16.589k BTC within a short timeframe. Despite the significant transfer, Capo’s analysis suggests that the market should not be overly concerned. His perspective aligns with Michaël van de Poppe, another prominent analyst, who commented on the recent market reaction. “No breakout happening for #Bitcoin as $70K was rejected. I’d like $66K to be holding up as support, and then everything is fine,” van de Poppe stated. However, he described the current market environment as “quite boring.” Also Read: Top 4 Altcoins To Buy As…
Filed under: News - @ May 28, 2024 3:20 pm