- Following the breakout of the $68,500 level, there is a strong possibility that Bitcoin will hit the $72,000 level next.
- Bitcoin’s open interest (OI) increased by 5.5%, signaling growing interest from investors and traders.
As a seasoned researcher with extensive experience in analyzing cryptocurrency markets, I believe that Bitcoin’s recent breakout above the $68,500 resistance level is a significant development that increases the likelihood of Bitcoin hitting the $72,000 level next. The surge in open interest (OI) by 5.5% reported by CoinGlass is an indicator of growing investor and trader interest in Bitcoin.
On July 27th, the feeling towards cryptocurrencies as a whole was optimistic, and Bitcoin (BTC) surpassed its significant barrier of $68,500.
Breakout for Bitcoin
After reaching a significant milestone, the open interest for Bitcoin, as reported by CoinGlass, increased by 5.5 percent.
Based on my analysis of the current market trends, I’ve observed that Bitcoin (BTC) was hovering around the $69,320 mark at the time of checking, as indicated by CoinMarketCap. Notably, there has been a notable increase of over 2.45% in BTC’s price within the past 24 hours.
In just one hour, this breakout has eliminated approximately $7.36 million in short positions for Bitcoin.
In the past 24 hours, the amount of liquidations reached a total of $27.82 million. Out of this figure, approximately $22.04 million worth of liquidations occurred for those holding short positions, while around $5.78 million were from long position holders.
This data by CoinGlass potentially indicates that short sellers are now exhausted.
Bitcoin technical analysis and key levels
Based on the technical assessment of experts, Bitcoin appears poised for growth on a daily chart and could potentially reach a price of $72,000 – this level represents the next significant barrier or resistance to its upward trend.
Given the upbeat attitude in the cryptocurrency market right now and the general optimism surrounding bitcoin (BTC), it seems plausible that this digital currency could break through its current resistance level with relative ease.
Although BTC has shown great optimism, reaching the $72,000 threshold has proven challenging on five separate occasions since March 2024. Each attempt has ultimately ended unsuccessfully, based on recent price trends and past records.
If Bitcoin (BTC) reaches and closes above $72,000 in a single day during this period, it could indicate a strong uptrend continuing to around $74,000 or potentially even higher prices.
Experts’ BTC prediction
Experts and investors have become increasingly optimistic about Bitcoin. A seasoned cryptocurrency investor recently expressed this viewpoint on platform X, predicting that Bitcoin could reach a price of $85,000 as its first major milestone.
Additionally, he also shared a bullish descending broadening wedge price action pattern.
As a researcher, I’d like to add that on July 27th, Michael Saylor, the founder and chairman of MicroStrategy, took to platform X to share his prediction for Bitcoin’s price over the next 21 years.
Read Bitcoin’s [BTC] Price Prediction 2024-25
Based on Saylor’s projection, Bitcoin’s base price may reach $13 million by the year 2045. However, there are contrasting views among analysts. Pessimistic forecasts suggest a price of only $3 million, while optimistic predictions put the price at an impressive $49 million.
Industry insiders’ forecasts are generating significant buzz within the cryptocurrency realm, drawing fresh investment from prospective market participants.
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2024-07-28 12:44