Crypto analyst Ali Martinez has laid out a roadmap for Bitcoin to reach $76,000, emphasizing the importance of reclaiming $64,290 as a support level. Martinez warns that failure to do so could lead to a significant drop in the flagship cryptocurrency, potentially back to the levels seen at the beginning of the year. Based on MVRV pricing bands, Martinez has identified $51,970 as the key support level if Bitcoin fails to surpass $64,290.
While Martinez remains cautiously optimistic about Bitcoin’s future price action, other analysts have differing views. Analyst Mikybull Crypto suggests that the current downward movement in Bitcoin’s price is merely a market manipulation tactic to shake out impatient traders, describing the situation as a “simple retest.” He maintains a bullish stance on Bitcoin, predicting a climb to $73,000 once it surpasses $67,000.
Analyst Rekt Capital offers a more detailed analysis of Bitcoin’s post-halving performance, suggesting that the “Danger Zone” officially ends on May 13. The Danger Zone refers to a historical downward wick experienced by Bitcoin approximately 21 days after the Halving event in 2016. Rekt Capital notes that Bitcoin has followed a similar pattern in 2021, displaying a downside wick below the current Reaccumulation range. With this retracement completed, Bitcoin appears poised for an upward trend.
Despite the positive outlook presented by Rekt Capital, there are factors to consider that could delay Bitcoin’s upward movement. The Reaccumulation phase, typically following a Bitcoin halving event, may last up to five months according to historical data. However, Rekt Capital acknowledges that the current market conditions, including the development of a new all-time high (ATH) area, could accelerate this process. While the exact timing of Bitcoin’s price rally remains uncertain, Rekt Capital suggests that a drop below $60,000 is unlikely in the near future.