Bitcoin needs to stay above this price to surge again
On Monday, April 29, the prominent crypto market expert Ali Martinez identified an important fact about Bitcoin’s recent performance – $61,900 has been serving as a crucial support level for $BTC.
In the same post, Martinez added that should the coin withstand the current pressure and remain above the import level, there is a strong possibility that Bitcoin shall again rocket to $71,000.
Writing one day later, on Tuesday, April 30, another crypto expert – Michaël van de Poppe – expressed similar optimism about Bitcoin’s prospects. According to Poppe, the current week is highly important and is likely to lead to the discovery of $BTC’s current bottom.
While less precise with the price level, the expert also identified $61,000 as offering a critical zone for Bitcoin and stated that after the bottom – somewhere below the price – $BTC will reverse course and experience a resurgence.
$BTC price chart
At the time of publication, $BTC appears keen to test the expert analysis since, with Bitcoin price today standing at $61,655.20 after a 3.43% 24-hour decline, $BTC is below the crucial Martinez-identified support line.
Indeed, the coin’s recent trend has been rather depressing for bulls, given the cryptocurrency is down 4.39% on the weekly chart and 13.47% in the red over the last 30 days.
Still, it would likely be unwise to lose sight of the fact that the flagship digital assets recent decline comes as a correction to an impressive overall 2024 surge, which even saw a new all-time high (ATH) at $73,000 in March.
Indeed, despite the bloodbath, Bitcoin remains 39.58% in the green year-to-date (YTD) in the crypto markets.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
finbold.com
