What does it mean for Bitcoin price to return to $73,000?

Author: Ciaran Lyons, CoinTelegraph; Compiler: Baishui, Golden Finance

A cryptocurrency analyst says that Bitcoin’s potential return to $73,000 could mark the beginning of the asset’s accelerated “escape velocity.”  

Escape velocity is a term used in astrophysics that describes the minimum speed required for an object to escape the gravitational field of a celestial body (such as a planet or moon) without further propulsion.

Crypto analyst James Check used the term in a May 21 market report to describe what Bitcoin might do once it reclaims the $73,000 price point.

Check is referring to the Short-Term Holder (STH) Market Value to Realized Value (MVRV) indicator — which, he explains, shows that the market is not yet “overextended, overbought, and oversaturated.”

Short-term holders MVRV indicator. Source: James Check

“While the transition from enthusiasm to excitement can happen quickly, it feels like we haven’t reached the escape velocity of excitement yet…” Check explained.

He said: “We are still in a stable, steady, enthusiastic bull market phase, but importantly not an euphoria phase.” This lays a solid foundation for prices to rise to $73,000.

However, he also warned that this price point is also where STH (wallets holding Bitcoin for less than 155 days) are currently in "enough profit", which may lead to selling, thus creating "some resistance."

Some other crypto analysts also agreed that the market's optimism has not yet been fully demonstrated.

Crypto trader Matthew Hyland declared in a May 22 X post: "Bitcoin is at $70,000, there is no excitement, gotta love it."

"Bitcoin is just one step away from price discovery," added anonymous crypto trader Jelle.

Anonymous cryptocurrency trader Yoddha believes the Bitcoin price will peak before March 18, 2025:

“Bitcoin has been consolidating in its current range for the past 84 days and Based on current prices, Bitcoin will peak in the next 300 days,” they wrote in a May 22 post on X.

According to CoinMarketCap, a jump from its current price of $69,088 to $73,000 would be around 5.6%.

Bitcoin has risen 5.22% in the past 7 days. Source: CoinMarketCap