Critical Bitcoin Price Range Identified by Analyst James Check

On-chain analyst James Check highlights that Bitcoin’s price range of $70,000 to $75,000 is critical for bullish momentum. A fall below $70,000 could adversely impact holders. The market is currently responsive to macroeconomic factors, and Bitcoin has begun a new institutional cycle since 2023, diverging from past trading behaviour.

Prominent on-chain analyst James Check has identified the $70,000 to $75,000 range as crucial for Bitcoin’s bulls. Maintaining the price above $70,000 is essential; a dip toward $65,000 could make average Bitcoin holders “sensitive” to market changes. Currently, Bitcoin has just reclaimed the $75,000 level, according to CoinGecko data.

Despite the recent price recovery, Check does not conclusively state whether Bitcoin is entering a bear market, as macroeconomic factors dominate the narrative. He advises individuals to detach from strict classifications of bulls, bears, and cycles due to the rapidly changing market landscape.

Check points out that since 2023, Bitcoin has been trading in a manner distinct from previous periods. He describes the years leading up to 2017 as the “adoption cycle,” while the years 2018 to 2022 represented maturation and development with the introduction of derivatives and stablecoins. Now, as of 2023, Bitcoin has begun its “institutional” cycle, characterised by a new type of marginal buyer entering the market.