Bitcoin’s (BTCUSD) price has made a notable comeback after experiencing a downward trend throughout June. This recovery has led to speculation: could Bitcoin push past the significant $70,000 threshold by the end of summer?
Bitcoin Price Reverts to Bull Trend: Analyst Insights
Following a challenging month, Bitcoin has turned the tide, as highlighted by a well-known crypto trader. The analyst, known by the pseudonym Moustache, shared an optimistic update on July 16:
“Bitcoin is back above one of the most critical bull market lines (blue line). Historically, it has never dipped below this line until reaching the cycle’s peak (monthly close). This is a strong indication that the bull market is still very much alive.”
Adding to the positive outlook, CryptoQuant analyst Axel Adler pointed out that long-term Bitcoin holders have stopped selling. In a July 16 post, Adler noted:
“At the $61.6K level, the selling pressure from Long-Term Holders, which lasted seven months, has ended.”
Over the past week, Bitcoin’s price has risen by 11%, moving above the 200-day Exponential Moving Average (EMA). This is a significant trendline during bull markets, as it reflects the average closing price over the past 200 days.
Related: Bitcoin Bottom Signal? German Gov’t Runs Out of BTC to Sell
Can Bitcoin Reclaim $70K Next Month?
Bitcoin has recently received positive attention, including remarks from BlackRock CEO Larry Fink, and the technical charts are also showing promise. If the current upward trend continues, Bitcoin could potentially reach the $70,000 mark by the end of August.
However, for this to happen, Bitcoin bulls need to overcome the $60,000 resistance level. Analyst Captain Faibik mentioned on July 14:
“Bitcoin bulls are trying to break through the crucial $60K resistance. Once they do, the next target is $70K.”
In an even more bullish scenario, Bitcoin could be setting up for a rally to $85,000 by the end of September. Analyst Crypto Wealth shared his thoughts on July 16:
“As Bitcoin enters this 5th wave, my first target is the $85K region, with a final target around $100K+.”
Recent weeks have seen several optimistic price predictions for Bitcoin, with some even suggesting a target as high as $330,000.
**Disclaimer:** This article does not offer investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making any decisions.
