ChainCatcher report: Cryptocurrency analyst Marcus Corvinus noted that Bitcoin recently rebounded from a key on-chain support level near $71,400, which corresponds to the average holding cost of investors who have held BTC for 3 to 6 months and represents the most important short-term support zone for BTC currently. Corvinus believes that since this group remains in profit, they have strong incentive to defend this price range. If the rebound continues, BTC’s next target could be $78,200, corresponding to the average holding cost of investors who have held BTC for 6 to 12 months. Glassnode data shows that since 2017, after Bitcoin breaks above the cost line of 3- to 6-month holders, the average price increase over the next 90 days is 21.9%, and over 180 days is 36.6%. Based on the current price of approximately $74,000, this implies target prices of around $90,200 and $101,100, respectively. However, from a technical perspective, BTC’s daily chart remains within a bearish flag pattern. If the price breaks below the current support trendline, it could decline further to the $50,000–$60,000 range.
Bitcoin key support at $71,400; analyst targets $78,200
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Summary
Bitcoin rebounded from a key support level near $71,400, aligning with the average holding cost of BTC investors holding for 3–6 months. Analyst Marcus Corvinus noted the strong incentive for this group to defend the support and resistance zone. A sustained upward move could target $78,200, corresponding to the 6–12 month cost line. Glassnode data shows an average 21.9% price increase over 90 days following a breakout above the 3–6 month cost level. However, Bitcoin remains in a bearish flag pattern, and a break below the support trendline could trigger a decline to $50,000–$60,000.
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