Will Bitcoin Reach $70K in the Short Term? Experts Weigh In
In the crypto market, Bitcoin prices have been rangebound above the psychological level of $60,000 since May 3. But, a prominent analyst predicts that the asset may recover the $70,000 level this month, which it has not seen since April 12.
Bitcoin to Scale Higher?
Adrian Zduńczyk, a well-known analyst, believes that Bitcoin’s potential target in May is around $70,000. According to him, we are in a bull market because the 200-week and 50-week moving average trends are on the rise. Additionally, the 200-day moving average has reached an all-time high of above $50,000, which indicates that market sentiment is still positive.
Read Also: New Report: $10M Signal Identifies Cardano’s (ADA) Potential to Surpass $0.50
$70k+ in May possible? https://t.co/yAj8hYJT0R
— Adrian Zduńczyk, CMT (@crypto_birb) May 8, 2024
Zduńczyk also stated that the technical indicator is now a support level at this price and that mining costs have stalled. In previous market cycles, the average gains in May were around 15%, and the month’s opening at $60,600 implies an estimated target of $70,000 by the end of the month.
Another analyst and trader, “Crypto Caesar,” observed that Bitcoin might be forming a large cup and handle pattern on the weekly timeframe. If Bitcoin can start trending above ATH’s this summer, he anticipates a strong rally.
On the other hand, former BitMEX CEO Arthur Hayes said that the local bottom had passed when BTC hit $56,800, and markets would remain rangebound between $60,000 and $70,000 until around August.
Read Also: Pepe Token Acquisition Signals Growing Interest in Meme Coins
Crypto markets dipped slightly on Wednesday, and Bitcoin fell to $62,629, losing 1.4%. Ethereum also weakened, dropping to just above $3,000, a crucial support level. The altcoins, including Solana (SOL), Dogecoin (DOGE), and Avalanche (AVAX), experienced larger losses.
Follow us on Twitter, Facebook, Telegram, and Google News
Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
