Mars Finance News, on May 31, crypto analyst Marcus Corvinus stated that Bitcoin recently rebounded from a key on-chain support level near $71,400, which corresponds to the average holding cost for investors holding coins for 3 to 6 months and is also the most important short-term support zone for BTC currently. Corvinus believes that since this group is still in profit, there is a strong motivation to defend this price range. If the rebound continues, the next target for BTC could be $78,200, which corresponds to the average holding cost for investors holding coins for 6 to 12 months. Glassnode data shows that since 2017, after Bitcoin broke through the cost line for investors holding coins for 3 to 6 months, the average increase over the next 90 days was 21.9%, and over 180 days was 36.6%. Based on the current price of approximately $74,000, the target prices are about $90,200 and $101,100. However, from a technical perspective, BTC's daily chart remains within a bearish flag pattern. If the current support trend line is broken, the price could further decline to the $50,000 to $60,000 range.

BTC-0.56%

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GasFeesAfterTheRain

· 5h ago

The bearish flag pattern is still there, don't rush to FOMO, if it breaks support, look directly at 50k.

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Stop-LossInTheEveningGlow

· 6h ago

Since 2017… the actual amount isn’t that big—don’t go by a fixed rule, like the man who tried to measure by a boat’s mark.

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BlueberryStakingMachine

· 6h ago

Short-term target: 78k, medium-term target: 90k, long-term: faith.

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Re-StakingSucculents

· 6h ago

If it really reaches 100k, then now is the golden opportunity; the question is, can it reach that level?

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LittleBitcoinInTheReflection

· 6h ago

The daily chart still shows a bearish structure; the rebound may be a trap to lure buyers.

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GaslightGuardian

· 6h ago

The 50k-60k pullback target is too scary; I hope it holds support.

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OvernightPositionPhobia

· 6h ago

Mars Finance's data interpretation is a bit too optimistic; if the flag pattern breaks downward, the target could be halved.

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OldKeyboardTraitor

· 6h ago

I hadn’t paid much attention to the cost basis indicator for holders who hold for 3–6 months before—making a note of it now.

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Analysis: $71,400 is a key support level for Bitcoin. If held, a rebound to $78,200 is possible.

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