Bitcoin is closing in on $75,000 and analysts say a breakout could trigger a massive new rally
Several crypto market experts including Mati Greenspan, former senior eToro market analyst, explain what might happen if bitcoin manages to hold $75,000 and if it does not.
What to know:
- Analysts say a sustained break above $75,000 could mark a structural breakout for bitcoin, shifting it from a consolidation phase into a new uptrend.
- Some market watchers see $75,000 as mainly a psychological barrier, arguing that levels closer to $79,000 and key moving averages matter more for confirming a durable rally.
- Despite risks of a bull trap and macro headwinds, analysts note strong support around $65,000, renewed U.S. spot bitcoin ETF inflows and more institutional-driven dynamics as factors limiting downside and supporting further gains.
The cryptocurrency has not traded above $75,000 since Feb. 2, as BTC was on a descending trend from a brief $95,000 visit that saw it drop to roughly $62,000 on Feb. 5, according to CoinDesk data.
Greenspan said the significance of going beyond the $75,000 level lies less in a brief move about it and more in whether bitcoin can sustain those gains.
“The key question isn’t whether we briefly trade above $75,000, but whether we can hold it,” Greenspan said, noting that acceptance above that threshold would signal strength and draw in new capital.
A downside would be limited anyway
However, he said, a failure to hold would risk turning the move into a bull trap, though the broader market structure remains strong. He also believes that even in a negative scenario, the downside would likely be limited because of existing established support. “If it doesn’t hold, then we still have strong support at $65,000.”
