Bitcoin analysts say 74K is the next stop for BTC price
Bitcoin analysts are predicting that the cryptocurrency could be gearing up for a rally to the $74,000 mark. To confirm this move, Bitcoin needs to reclaim its previous all-time high of $69,000.
According to Trader Tardigrade, a popular analyst, Bitcoin has formed a tight bull flag on its daily chart. A bull flag is a bullish technical chart pattern characterized by two rallies separated by a short retracement period, indicating more upward momentum. The measuring target from this flagpole formation points to a $74,000 price target. Trader Tardigrade emphasized this potential in a July 18 X post, stating, “Bitcoin next target: $74,000. BTC has formed a Tight Bull Flag on daily chart. The measuring target from the flag pole is $74k.”
However, before Bitcoin can reach $74,000, it must first reclaim its old all-time high of $69,000. Yann Allemann, also known as Negentropic and the co-founder of Glassnode, echoed this sentiment in a July 18 X post. He noted that Bitcoin has rallied approximately 21% since its low on July 5. Allemann stated, “Various technical levels have been broken in a Bullish manner […] Now we look up for the next likely level of 69K before 74K and onwards. We remain Bullish!”
Despite this optimism, Bitcoin faces significant resistance at the $65,000 level. This price point has become a crucial line in the sand for crypto analysts. Bitcoin has seen significant inflows from United States spot exchange-traded funds (ETFs) worth over $1.91 billion since July 5, yet the cryptocurrency’s price has struggled to maintain levels above $65,000. Popular analyst Rekt Capital noted that Bitcoin is not quite ready for a successful retest of the ~$65,000 level as new support.
Nonetheless, Bitcoin’s price has remained above a key monthly support level, which has bolstered confidence in its price recovery. Rekt Capital highlighted in a July 17 X post that Bitcoin has successfully retested the old all-time high major resistance area as new support for the fifth month in a row. This consistent support level is a positive indicator for Bitcoin’s price stability and potential upward movement.
The upside potential for Bitcoin will largely depend on continued inflows into US spot Bitcoin ETFs. These ETFs have seen their highest day of inflows since early June, accumulating a total of $422 million worth of Bitcoin on July 16, according to Farside Investors data. ETF inflows have been a significant factor in Bitcoin’s 2024 price rally, with Bitcoin ETFs accounting for about 75% of new investment in the cryptocurrency as it surpassed the $50,000 mark by February 15.
So concluding all, Bitcoin analysts are eyeing the $74,000 mark as the next significant price level in the current bull cycle. Key technical formations and support levels suggest potential for upward movement, but Bitcoin must first overcome the $69,000 and $65,000 resistance levels. The sustained inflows into Bitcoin ETFs will play a crucial role in driving Bitcoin’s price toward these targets. Investors are closely watching these developments as Bitcoin gears up for its next potential rally.
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