Bitcoin analysts are pointing to the $74,000 mark as the next significant price level in the current bull cycle. Here’s why Bitcoin price could be headed above the $74,000 mark.
Bitcoin bull flag points at key $74K target
Bitcoin's (BTC) price could be heading toward the $74,000 mark, or the current all-time high, based on a popular technical chart formation, according to popular analyst Trader Tardigrade.
The trader wrote in a July 18 X post:
“Bitcoin next target: $74,000. BTC has formed a Tight Bull Flag on the daily chart. The measuring target from the flag pole is $74k.”
A bull flag is a bullish technical chart pattern formed by two rallies separated by a short retracement period, which signals more upward momentum.
However, historic all-time high price levels remain key support and resistance areas. First, according to Yann Allemann, aka Negentropic, the co-founder of Glassnode, BTC/USD must reclaim the old all-time high of $69,000 before confirming a potential rally to $74,000, the current all-time high.
The co-founder wrote in a July 18 X post:
“Bitcoin has rallied ~21% since the low on Friday, July 5th. Various technical levels have been broken in a Bullish manner… Now we look up for the next likely level of $69K before $74K and onwards. We remain Bullish!”
However, Bitcoin faces significant resistance at $65,000, a price level that has become a key line in the sand for crypto analysts.
Bitcoin saw US spot exchange-traded fund (ETF) inflows worth over $1.91 since July 5, but BTC price failed to remain above $65,000.
“Bitcoin is not quite ready just yet for a successful retest of the ~$65,000 level as new support,” wrote popular analyst Rekt Capital
Bitcoin remains above key monthly support
Bitcoin price remained above a key monthly support level, confirming its price recovery, according to Rekt Capital.
The analyst wrote in a July 17 X post:
“Bitcoin has successfully retested the old All Time High major resistance area (red) as new support (green) for the 5th month in a row.”
Yet, Bitcoin’s upside potential will largely depend on the inflows into the United States spot Bitcoin ETFs.
US spot Bitcoin ETFs saw their highest day of inflows since the beginning of June, amassing a total of $422 million worth of BTC on July 16, according to Farside Investors data.
ETF inflows were a significant part of Bitcoin’s 2024 price rally. By Feb. 15, Bitcoin ETFs had accounted for about 75% of new investment in the world’s largest cryptocurrency as it surpassed the $50,000 mark.
Since their debut in January 2024, US Bitcoin ETFs have amassed 891,000 BTC worth $57.8 billion in onchain holdings, Dune data shows.