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Sujit Kumar
Jul 17, 2024
by Sujit Kumar

Bitcoin Poised to Break $71,500 After Breaching $65,000: Analysts Predict

Bitcoin Poised to Break $71500

Table of contents

  1. Breaking Key Resistance
  2. Short Positions at Risk
  3. Historical Patterns and Predictions
Bitcoin could be on its way to hitting the $71,500 mark after recently breaching the $65,000 price point. This prediction is based on historical patterns observed by crypto traders. The recent price rebound has also spurred increased interest among future traders speculating on Bitcoin’s short-term movements.

Breaking Key Resistance

“Breaking $65,000 would mean price would be ready to move inside the $65,000-$71,500 region,” noted pseudonymous crypto trader Rekt Capital in a July 16 tweet, as Bitcoin hovered just below $65,000. Using a price cluster chart, Rekt Capital illustrated previous instances where Bitcoin breached the $65,000 barrier and approached $71,500, a pattern observed four times this year.

Currently, Bitcoin is trading at $65,846, according to CoinMarketCap data. If Bitcoin advances to $71,500, the next significant milestone would be its all-time high of $73,649, achieved on March 13.

Short Positions at Risk

However, many short positions are at risk of liquidation at $71,500, indicating that numerous future traders are skeptical about Bitcoin reaching this level soon. CoinGlass data reveals that approximately $1.47 billion in short positions could be wiped out at $71,500.

Despite this bearish outlook from some traders, confidence among future traders has rebounded over the past five days. Open Interest (OI), which measures the total number of outstanding Bitcoin options contracts, has spiked by 13% during this period.

Historical Patterns and Predictions

Pseudonymous trader Mags highlighted that Bitcoin’

s recent dip to $56,649 on June 12, falling below the 200-day moving average, could signal a potential repeat of historical patterns. In August 2023, a similar dip was followed by a 17.5% surge to $47,000 within two months. “If a similar pattern repeats after the recent dip, we could see $70,000+ for Bitcoin soon,” Mags stated in a July 16 tweet.

Meanwhile, crypto trader Yoddha believes the sharp decline was a "fakeout to trap all the panic sellers." As the market waits with bated breath, all eyes are on Bitcoin’s next move.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Rekt Capital Bitcoin $71500
Bitcoin Poised to Break $71,500 After Breaching $65,000: Analysts Predict
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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