Analyst: Bitcoin Could Rally to $68,000 if It Breaks Key $64,700 Barrier

BlockBeats News, July 12th. Cryptocurrency analyst Ali Charts stated in a post that Bitcoin's current key level to watch is $64,700. This level represents a crucial turning point for Bitcoin's next major move.

If Bitcoin fails to break above the upper channel at $64,700, it may trigger a deeper pullback. If sellers defend this level, Bitcoin could retreat to the middle channel support at $63,000 and potentially test the channel's bottom around $61,500.

However, Ali Charts mentioned that if Bitcoin manages to close above $64,700 on an hourly basis, it would invalidate the bearish scenario. A breakthrough of this resistance level could potentially drive Bitcoin higher to test $66,400 next, with a second target at $68,000.