Bitcoin Eyes $75,000 as Analyst Says Buying Pressure Nears Peak

▲ Bitcoin (BTC)

Bitcoin (BTC) is embarking on a leap toward $75,000 on the back of strong technical support, signaling a new historic turning point for the cryptocurrency market.

According to crypto-focused outlet U.Today on February 26 (local time), Bitcoin has recently secured strong downside resilience around the $70,000 level and is consolidating energy for further gains. Market analysts assess that if Bitcoin breaks through key resistance levels, the likelihood of a surge to $75,000 in the short term is very high. Crypto analyst Ali Martinez noted, “The current chart pattern closely resembles the setup seen just before past major rallies,” adding that “buying pressure is approaching its peak.”

Martinez projected that if Bitcoin establishes solid support above $71,000, the next clear target would be $75,000. According to analysis, Bitcoin is attempting to break above the upper boundary of an ascending triangle consolidation pattern, a typical precursor of a bull market. On-chain data also indicates that large whales have been heavily accumulating in the low $70,000 range, absorbing sell-offs from retail investors.

The Relative Strength Index (RSI), a key technical indicator, still has ample room before entering overbought territory, supporting the potential for further price appreciation. The Moving Average Convergence Divergence (MACD) indicator continues to maintain a bullish crossover, suggesting that buying momentum remains strong. Data from Santiment further shows that Bitcoin holdings on exchanges are steadily declining, intensifying upward price pressure due to shrinking supply and reinforcing the $75,000 target.

Accelerating capital inflows into the spot ETF market are also serving as a key driver behind Bitcoin’s outperformance. Institutional investors are steadily increasing their Bitcoin allocations to diversify portfolios, leaving market liquidity more abundant than ever. Martinez emphasized, “The current supply-demand imbalance in the market could act as a catalyst to push Bitcoin’s price far higher than we anticipate.” As Wall Street’s major capital focuses on Bitcoin’s scarcity value, the price floor is becoming increasingly solid.

With a potential reclaim of $75,000 as a turning point, Bitcoin appears ready to expand the overall cryptocurrency market and enter a new price zone. Despite short-term volatility, the long-term uptrend remains intact and is gaining further technical maturity. Should Bitcoin break through the psychological threshold of $75,000, a broad revaluation of assets across the crypto ecosystem is expected to accelerate.

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