- Despite fears surrounding Mt. Gox distributions, historical patterns suggest Bitcoin could rally to $71,500.
- XRP emerged as the strongest performer among major altcoins, boosted by its integration into institutional indices, leading to significant weekly gains.
As reviewed in our recent publication Bitcoin Signals Bullish Momentum with On-Chain Pattern That Previously Boosted Price 200%, another factor in the market is the distribution fears by Mt. Gox, which CryptoQuant’s CEO implies will not halt the market’s bullish trend.
Furthermore, the BTC price could rally, reaching the $71,500 mark after breaching the $65,000 price point on Tuesday, based on historical patterns observed by crypto traders. Specifically, Crypto Trader and Analyst Rekt Capital shared in a tweet yesterday that the price movement could also climb and be ready to move within the $65,000-$71,500 region.
The moment Bitcoin breaks $65,000 (blue) is the moment Bitcoin will form a new red cluster of price action
Breaking $65,000 would mean price would be ready to move inside the $65,000-$71,500 region$BTC #Crypto #Bitcoin https://t.co/yxOhRsmVU9 pic.twitter.com/TZMP37ufjx
— Rekt Capital (@rektcapital) July 16, 2024
Rekt referred to their Bitcoin price cluster chart, which divides price ranges into separate boxes, to show previous instances when Bitcoin broke the $65,000 barrier before approaching the $71,500 level, which has already happened four times this year.
As of now, at the time of writing, Bitcoin (BTC) is trading at $65,655.92, with a noticeable increase of 1.42% in the past day and 13.19% in the past week. See the BTC Price chart below.
XRP Drives Market Rally Amid Selling Pressure
Meanwhile, as shared in today’s Market Insider post, XRP was the strongest performer among altcoin majors. The native token of the XRP Ledger payment network climbed by 9% on Tuesday, extending its weekly gains to 35%.
Adding to this, the world’s leading derivatives marketplace, CME Group, and CF Benchmarks announced indices and reference rates for XRP, playing an important role in boosting institutional adoption for XRP, as suggested by Brad Garlinghouse, the CEO of Ripple, the closely related blockchain payments firm.
In addition to our recent outlines in the CNF blog post about the German government completing a massive Bitcoin sell-off, which may boost the BTC price to $75,000, it is noted that Ki Young Ju, CEO of crypto analytics firm CryptoQuant, argued that fears over the sell pressure from Mt. Gox are “overestimated” and will not derail the ongoing crypto rally. He explained in his tweet that:
“I believe this distribution won’t end the bullish trend, as the coins are expected to react to market sentiment similarly to the existing Bitcoin supply. Unlike the German government selling, Mt. Gox creditors aren’t forced to sell, so it’s not purely sell-side liquidity.”
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