Bitcoin, Straight to $80,000 vs Collapse to $70,000... "'This' Must Be Held to Survive"

▲ Dollar (USD), Bitcoin (BTC)/AI Generated Image

The possibility of Bitcoin (BTC) breaking through into a strong bull market has increased. Accordingly, it is projected that whether a specific technical support level is maintained will be a watershed moment determining a future additional rise of tens of thousands of dollars.

According to NewsBTC, a virtual asset specialized media outlet, on April 12 (local time), Bitcoin is currently consolidating energy near its historical high, preparing for a new rally. Crypto analyst Ali Martinez diagnosed that if Bitcoin definitively breaks through the $71,000 resistance level, it will show an explosive upward trend, surpassing its previous high. However, this optimism is only valid on the premise that Bitcoin does not fall below its current key support zone.

Martinez pointed to $69,000 as the most important psychological and technical bottom line that will determine Bitcoin's price movement. Martinez emphasized, "If Bitcoin forms a closing price above $69,000 and confirms its support, market buying pressure will intensify." Conversely, if this level breaks down, a corrective market where the price could fall to around $63,000 in the short term may occur, requiring caution from investors.

The Market Value to Realized Value (MVRV) index, which indicates the current supply and demand situation in the market, also suggests that Bitcoin is still in an undervalued zone. Analysis of past bull market patterns shows that whenever the MVRV index reached a certain value, Bitcoin recorded a large-scale rally lasting several months. The continuous accumulation by institutional investors and the decrease in Bitcoin holdings on exchanges are key factors further increasing price pressure due to supply shortages.

With the resumption of capital inflows through Bitcoin spot ETFs, the market's constitution is also improving. The increased allocation of Bitcoin by large asset management firms, including BlackRock, serves as a strong support, ensuring price downside rigidity. Analysts predicted that if Bitcoin settles above the $71,000 level, a short squeeze could occur, leading to a rapid ascent to the $80,000 mark.

Bitcoin is currently at a critical technical inflection point for maintaining its bull market. Whether the $69,000 support holds will be the most reliable indicator determining the market's direction over the next few weeks. Rather than being swayed by short-term price fluctuations, investors should carefully observe whether key support levels break down and how institutional supply and demand change, then formulate their response strategies. If Bitcoin overcomes this hurdle, a new golden age is expected to open, expanding the entire virtual asset market.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*