Bitcoin’s Next Move: New ATH or Dump to $55K? Analysts Clash but Bulls Dominate

Bitcoin’s price has stalled over the past several days in a tight range between $77,000 and $78,200. The more macro perspective shows another range, this time between $65,000 and $79,000, in which the asset has traded since the early February crash to $60,000 and the subsequent recovery.

However, analysts are adamant that the cryptocurrency is close to making a major move: the question is, as always, in which direction.

$96K, ATH, or $55K Next?

Analyst Ali Martinez told his over 165,000 followers on X that bitcoin had successfully reclaimed the -0.5 MVRV pricing band, currently located at $73,700. This became possible earlier this month following the ceasefire announcement between the US and Iran, and is the “pivot point for the current trend,” he added.

Martinez remains bullish for a major breakout toward $96,000, where the next big resistance is located that capped the asset’s price moves in January. It’s possible as long as BTC remains above the $73,700 level, while a breakdown below it would invalidate the bullish scenario. If that’s to occur, the asset could plunge toward the Realized Price at around $55,000.

Interestingly, EGRAG CRYPTO’s bearish target sits at the same level. The analyst believes this is the “worst-case” and “final” shakeout, which would represent a 55%-56% drop from the October all-time high. However, EGRAG’s other scenario envisions a surge to a new all-time high if BTC reclaims the $90,000 resistance.

The Most Bullish Scenario

Fellow analyst Michaël van de Poppe also weighed in on BTC’s potential future price moves, suggesting that its ‘most bullish scenario’ would be a breakout to $100,000 in the following months, which would invalidate “essentially every bearish retest” by “clearly” making a new higher high.

Although he didn’t give this scenario “a lot of value,” he believes a breakout above $84,000-$87,000 will serve as evidence that “we’re done with the bear market.”

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