Bitcoin Price Target Set at $68,000 by Analyst @CryptoMichNL

Bitcoin has printed a strong daily candle, according to analyst @CryptoMichNL. He is targeting a price of $68,000 in early August and predicts that Bitcoin could potentially break out to $75,000+ after reaching this level.

The current price of BTC is around $63,844, but the technical analysis shows a bearish structure as long as the price remains below the EMA50 at $64,572.94 and the EMA200 at $63,900.98. The MACD death cross at -303.86 also reinforces downside pressure.

However, despite these factors, the Relative Strength Index (RSI) is neutral at 42.38, and the price of Bitcoin remains contained within the Bollinger bands between $63,158.54 support and $65,662.89 resistance. This could lead to a short-term push towards the upper band, which could fuel the daily momentum before any deeper retracement.