Bitcoin breaks through crucial $65,000 level: Can the price now rise towards $69,000?

Bitcoin (BTC) today reached its highest level since the end of last month, raising the question of how much further the price can rise. In this article we discuss the expectations of some well-known crypto analysts.

Optimistic outlook

Crypto analyst CrypNuevo predicted a rise last weekend, pointing to a cluster of liquidity between $63,500 and $65,000. The price has now even risen above this zone and is currently trading around $66,000.

The well-known Dutch analyst Michaël van de Poppe shares this optimism. He suggested that a successful test of the $64,000 level could be the start of a bigger breakout. “A test of $64,000 will probably bring the big breakthrough we are looking for,” Van de Poppe said. His prediction appears to have come true today.

Cautious sounds

However, not all analysts are equally optimistic. Analyst CrediBULL Crypto warns of a possible correction to the mid-$50K range before BTC can rebound. Remarkably, earlier this year he predicted a drop to $30,000, after which Bitcoin actually reached a new all-time high.

DonAlt also joins Van de Poppe, saying a break of the $65,000 level could pull the market out of its long-term sideways move. However, he warns against the important support level at $58,000. “If BTC falls below $58,000, a deeper decline is likely to follow,” says DonAlt.

Is $69,000 within reach?

Now that Bitcoin has broken through the crucial $65,000 level, the market seems to be choosing direction. If this upward movement continues, the previous all-time high of $73,750 could be in sight.

Despite the recent volatility, market sentiment appears to be turning more positive. The Bitcoin Fear and Greed Index, which measures sentiment, currently stands at a neutral value of 48.