Chinese Analyst Shares Expected Price Level After the Recent Rally in Bitcoin

Chinese cryptocurrency analyst Murphy made a statement about what he expects next after the recent increases in Bitcoin price.

Chinese cryptocurrency analyst Murphy stated that the current recovery move in Bitcoin should be considered a "weak reaction rally," and said the short-term target range is between $64,000 and $68,000. According to the analyst, the $70,000 level stands out as the ceiling zone for a short-term reaction rally within the bear market.

According to Murphy's assessment, the average cost of current short-term Bitcoin investors is concentrated in the 64,000-68,000 dollar range, especially among groups holding BTC for less than one month and less than three months. Therefore, the Bitcoin price needs to repeatedly attempt to break through this zone.

The analyst stated that each time the price approaches this cost range, some weak investors may sell as their unrealized losses turn into profits. Murphy, stating that this situation gives rise to a process that progresses as "breakout, resistance, pullback, and re-breakout attempt," argued that this cycle is necessary for the formation of a bottom consensus.
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