Bitcoin Surges by Over 3% Above $71,000 – This is What Analysts Expect

Bitcoin surges by over 3% in the last 24 hours as the whole crypto market recovers. This comes after a difficult week for Bitcoin as the coin fell to $60,000, its lowest price since 2024. Analysts have different views on what will happen with Bitcoin price in the coming weeks and months. For the short term, Bitcoin has recovered and seems to have stabilized between $67,000 and $71,000. 

Bitcoin Surges Past $71,000 – Why Bitcoin Jumped Today?

Bitcoin has moved higher by over 3% in the last 24 hours. The largest virtual currency is now being traded at a price of $71,130 in Bitstamp. CoinGecko also shows that Bitcoin’s market capitalization is now above $1.4 trillion. 

Bitcoin has been steadily moving higher on February 8 as retail investors push the digital currency above $70,000. Nevertheless, volumes are considerably lower compared to the end of last week. At that time, Bitcoin and other cryptocurrencies experienced strong liquidations by large investors. 

Market participants should closely monitor Bitcoin’s performance throughout this week to understand the strength of the current recovery. Sustained trading above $71,000 with rising volumes could signal bullish momentum, while failure to hold key support levels may trigger renewed downside pressure. 

What do Analysts Expect for Bitcoin?

.Analysts have different views on the cryptocurrency market and what to expect in the coming weeks. Peter Schiff, a vocal Bitcoin critic, warns that sharp rallies in bear markets breed false hope. He urges investors to sell rallies, noting that rallies create a false sense of optimism.

Alex Krüger, a cryptocurrency trader and macro analyst, argues that the strength of a post-crash bounce is decisive. Robust recoveries attract dip-buyers and FOMO longs on pullbacks, he explains. Meanwhile, weak bounces could bring new selling pressure. 

Michael Terpin, a veteran crypto investor, expects a temporary rebound before further declines. On that matter, he said: 

“Most likely we will have a bounce back over $80k before the final plunge… If we lose [$65k and $60k] support, price could drop all the way to $45k.”

These views underscore uncertainty around Bitcoin price today and why Bitcoin jumped today following Bitcoin surges above $71,000. Meanwhile, broader market sentiment remains cautious as traders await new macroeconomic cues this week.