Bitcoin has bounced back strongly after initial worries earlier this week. As of now, the leading cryptocurrency is up by 20% from its lows in July 2024.
There is a strong probability that Bitcoin could surpass $70,000 during the weekend and potentially break through the crucial level of $72,000.
Price Analysts Foresee Bitcoin Ranging Between $75,000 And $95,000
With Bitcoin gaining momentum, analysts are optimistic about a new upward trend. One analyst suggested that the price range between $75,000 and $95,000 will be a significant zone to watch out for. Breaking above the previous high of $74,000 set in March could push Bitcoin to peak at $95,000, making it a challenging area for bearish investors.
The specific timing of this price range is uncertain, but traders are anticipating a bullish run once Bitcoin clears the hurdles at $72,000 and its previous all-time high.
Bitcoin Overcomes Mt. Gox Concerns
Several factors are expected to drive the demand for Bitcoin going forward. The market seems resilient as the now-defunct Mt. Gox exchange continues to distribute its remaining Bitcoin reserves. Recent data indicates a 66% decrease in Mt. Gox’s BTC holdings, with around 95,000 BTC already distributed.
Despite initial concerns of a market downturn due to this distribution, Bitcoin prices have remained stable and are showing signs of recovery, which has boosted trader and investor confidence.
Furthermore, data suggests that long-term holders of Bitcoin, predominantly institutions or miners who have held the asset for more than 155 days, have been accumulating more coins. These holders have been observed to re-enter the market after selling off 126,000 BTC valued at over $8 billion during the previous price surge.
This accumulation by long-term holders is likely to provide support to Bitcoin’s price and assist in the bullish push towards the $72,000 mark in the near future.
