Bitcoin Rebounds from $71,400 Support Level, Analyst Eyes $78,200 Target

According to BlockBeats report on May 31, crypto analyst Marcus Corvinus stated that Bitcoin rebounded from the $71,400 key on-chain support level, which represents the average cost basis for holders who have held for 3-6 months. Corvinus believes this group remains profitable and has strong incentive to defend this price range. If the rebound continues, the next target is $78,200, corresponding to the average cost basis for 6-12 month holders.

Glassnode data shows that since 2017, after Bitcoin broke above the 3-6 month holder cost line, the average gain over the next 90 days was 21.9% and over 180 days was 36.6%. At the current price of approximately $74,000, these gains correspond to target prices around $90,200 and $101,100 respectively.