Bitcoin Price Analysis: Potential Retest of $70K Before Next Rally
Bitcoin faces potential resistance as it may retest $70,000 before rallying. Arthur Hayes expects volatility and advises patience. Whale accumulation suggests a rebound amid mixed market signals, with the broader economic landscape adding to uncertainty regarding future price movements.
Bitcoin’s current price rally is encountering resistance, with analysts suggesting a potential retest of $70,000 prior to a subsequent increase. Former BitMEX CEO Arthur Hayes has indicated that investors should expect short-term volatility and maintain their patience during this period. Notably, on-chain data reveals that large wallets have been accruing Bitcoin, hinting at a possible price recovery after Bitcoin recently faced a four-month low of $77,000 on March 11.
In summary, Bitcoin’s trajectory appears uncertain amid macroeconomic challenges, yet whale accumulation signals a potential rebound. Analysts caution that if Bitcoin cannot maintain above $78,000, a decline to $75,000 may occur, which could forecast a deeper dip to $66,000. Conversely, sustained institutional buying could elevate Bitcoin prices above $80,000, paving the way for a new bullish phase.
Original Source: www.thecoinrepublic.com
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