After Bitcoin (BTC) broke through the all-time high of $73,000 on March 14, it experienced continuous shocks and declines in the past two weeks, and even fell to a low on the 20th. to the prefix 5. Last week, the price of Bitcoin has been fluctuating between $62,000 and $67,000.
Analyst: 68,330 can stand firm and will reach new highs
A recent analysis published by Markus Thielen, founder of 10x Research, pointed out that the price of Bitcoin at $68,330 is of great significance because of this The price marks the starting point of Bitcoin’s last all-time high.
As the market rebounded over the weekend, he believes that if Bitcoin can stand firm at $68,330, a technically head-and-shoulders bottom pattern is expected to be formed, and Bitcoin will rush directly to the next all-time high target of $83,000, or even Look at the $100,000 mark.
Support is at $59,000
Markus Thielen pointed out in a report on March 17 that if ETF inflows do not meet expectations, Bitcoin may continue to correct, and he estimated that the price may It fell to $59,000.
“According to our reversal indicator, a pullback to $59,035 appears more likely, providing a better risk-reward entry level.”
Although it did not fall as much as predicted Low, but the actual situation is still not far from their expectations. Overall, he remains convinced that the cryptocurrency bull market is not over yet. "We still have reason to believe that Bitcoin will rise sharply in the next few months, because the bull market may continue." He believes that if the Bitcoin price rises back to above $70,000, the rebound will likely open the door to a sharp rise in prices. .
Bitcoin spot ETF had net outflows for 5 consecutive days last week
As for the important reference data for Bitcoin buying, Sosovalue analysis data can see that last week (18th to 22nd) was Bitcoin For the first time since the issuance of the currency spot ETF, there have been net outflows for a continuous week, with total fund outflows totaling approximately US$888 million.
If the net outflow phenomenon that started this week still does not improve, the BTC price may continue to face selling pressure.
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