Analysts of the well-known CryptoQuant platform assessed the current behavior of the first cryptocurrency. They consider bitcoin to have almost reached an important local peak. This price ceiling ranges from sixty-six to sixty-eight thousand dollars. After the breakdown of this mark, the probability of large sales will increase significantly. The current market movement is part of a broader downward trend. This trend is characterized by a rather weak momentum and prolonged fluctuations. The first important target area has already been fully achieved by market participants. However, experts do not rule out a temporary increase in quotations to seventy thousand dollars.

If the decline resumes, the next target will be the level of fifty-one thousand dollars. This is about twenty-one percent lower than the current values. If bitcoin rises to seventy thousand before falling, the depth of the decline will be twenty-six percent. Analysts consider the level of sixty-seven thousand to be the nearest serious resistance. Confidently overcoming this threshold will be the first signal of growth. The next important barrier is seventy-two thousand dollars. A steady breakdown of this mark will show the real strength of the market. The market will be able to fully absorb the supply from buyers. Such a scenario will give additional confirmation to the bitcoin recovery.

Galaxy Digital CEO Mike Novogratz called the conditions for bitcoin's growth to one hundred thousand dollars. In his opinion, first, clear relevant legislation should appear in the United States, then the monetary policy of the Federal Reserve System should be softened and, finally, active demand from investors should return.

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The material has been prepared solely for informational purposes and does not constitute financial advice or recommendation.