The Bitcoin (BTC) price has been facing a downtrend lately, but a well-known crypto analyst, Capo of Crypto, has shared a bullish outlook on the market situation. Despite bearish speculations surrounding the potential selloff from Mt. Gox, Capo expects a surge to $71,000 for Bitcoin.

According to Capo's analysis, the primary support zone for Bitcoin is at $67,000. He noted that demand is being added at this level, and a bullish continuation is expected as the main scenario. However, if this support fails, the next level to watch is $65,000.

Capo also projected a potential surge to $71,000 if the $67,000 support holds, breaking the $69,000 resistance. Additionally, he addressed concerns surrounding the recent movements of Bitcoin linked to the defunct exchange Mt. Gox. Capo clarified that the transfers, totaling approximately 43,000 BTC worth about $3 billion, were for repayment preparation and not for immediate user repayments. He explained that although there have been confirmations and some progress, the full repayment process extends until October 2024, so there is nothing to worry about (yet).

Arkham Intelligence data revealed that the Bitcoin reserve was moved in three transactions of 12.24k BTC, 14.05k BTC, and 16.589k BTC within a short timeframe. Despite the significant transfer, Capo's analysis suggests that the market should not be overly concerned.

Michaël van de Poppe, another prominent analyst, commented on the recent market reaction, stating that no breakout is happening for Bitcoin as $70K was rejected. He would like $66K to hold as support, and then everything will be fine. However, van de Poppe described the current market environment as "quite boring."

Ali Martinez highlighted a potential short-term rebound, noting that the TD Sequential indicator presented a buy signal on Bitcoin's hourly chart. He is anticipating a one to four candlesticks rebound for BTC.

The optimistic outlook is further bolstered by the launch of Bitcoin Exchange-Traded Products (ETPs) on the London Stock Exchange, which could inject fresh interest and liquidity into the market.

As of writing, the Bitcoin price was down 0.65% to $68,032.57 on Tuesday, May 28. The 24-hour trading volume for BTC spiked 61.70% to $30.30 billion, and Bitcoin held a massive market capitalization of $1.34 trillion. The long and short ki liquidations for BTC remained at par, signaling a sideways movement, with long liquidations being a step toward with $21.60 million liquidated, according to Coinglass. The Bitcoin price is expected to be in the red for the time being.