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Highlights
- Bitcoin price has continued to struggle for balance amid market wide drop
- Market analyst predicts a dual price action moving forward
- Market reliance on spot Bitcoin ETF as catalyst is high
The price of Bitcoin (BTC) is trying to recover from its lowest point of $61,516.51 over the past 24 hours. While Bitcoin triggered the market-wide drop, it is also championing the recovery effort, however, with a balanced bull-bear action.
Bitcoin (BTC) Price: Where Next?
In its push to print a major recovery, Bitcoin price has faced decisive rejection at crucial price levels, including the $62,000 mark. Over the past 7 days, Bitcoin bears have turned the $63,000 level into the ultimate resistance zone. This point was formed after the coin dropped from the weekly high of $65,450 recorded on May 6.
Wading into the trend, top market analyst Ali Martinez has revealed that should Bitcoin reclaim $64,290 as support, it is likely to rise towards $76,610. It is worth noting that the $76,610 price top is a level the coin has never seen before. In this current market cycle, Bitcoin has only managed to hit an All-Time High (ATH) of $73,750.07.
If #Bitcoin can reclaim $64,290 as support, it is likely to rise towards $76,610. However, if it fails to surpass $64,290, $BTC might retest support at $51,970. pic.twitter.com/s4D1fTEU7k
— Ali (@ali_charts) May 12, 2024
There are many bullish technical and fundamental indicators that suggests this bullish price call is possible for Bitcoin. With a mildly bearish drawdown as showcased in the daily chart, Bitcoin looks primed for a reboot.
Ali Martinez also left enough room for a reverse ride. He pointed out that should the price of Bitcoin fails to surpass $64,290 amid the growing institutional backing, the coin “might retest support at $51,970.” In its most recent history, Bitcoin has not retested this $51,900 level since at least February 27.
Whether or not Martinez’s projections comes through remains to be seen. However, this underscores the uncertainty in Bitcoin’s price trend, a cautionary tale for investors and traders.
The BTC Growth Catalyst
The ecosystem recorded the activation of the fourth Bitcoin halving in April, with the market failing to respond positively. Based on this, the investors has had to return back to the trusted avenue with boosted demand – Spot Bitcoin ETF.
This product is a vital catalyst, one that has positioned Bitcoin as an attractive asset for Traditional Finance (TradFi) players. In an unexpected twist, top banking giants in the United States including JPMorgan Chase and Wells Fargo has revealed their current exposure to Bitcoin ETFs.
Offshore entities in Europe and Hong Kong are also backing spot BTC ETF products. This move has solidified the outlook of Bitcoin as a worthy alternative to combat inflationary hedge. Over time, there is confidence the demand and supply slash through mining can drive Bitcoin (BTC) price to new highs soon.
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