Bitcoin Breakout Anticipated as Charts Indicate Potential Surge Beyond Previous Peak
Summary:
Bitcoin's price analysis appears irrelevant until the cryptocurrency nears its all-time record again, according to Quantum Economics founder Mati Greenspan. Currently trading at the upper end of the identified range of around $50,000-$70,000, Bitcoin is anticipated to hit a new milestone potentially surpassing its previous peak of $73,797. Positive indications including a bullish continuation pattern and an inverted head and shoulders pattern suggest a possible breakout and price target around $75.2K.
The continual scrutinization of Bitcoin (BTC) price charts from all angles seems somewhat pointless to some until the digital currency edges near to another historical peak. According to Mati Greenspan, the founder of Quantum Economics, it's the breakout moments in the cryptocurrency value that truly matter, so any analysis prior to such an event seems somewhat redundant. Amidst an array of commentary from a variety of market experts, Greenspan highlights a significant price range of around $50,000 to $70,000 for Bitcoin, considering any intra-range fluctuations less critical.
Currently, Bitcoin is positioned towards the higher end of this identified range, trading around $65,585 as reported by CoinMarketCap, reflecting an uptick of about 1.96% in the last 30-day span. Should there be a 6.7% surge, Bitcoin is likely to hit the $70,000 mark, a milestone that many market observers anticipate.
Pseudonymous crypto trader, Yoddha, hinted that the current range is forming a potential positive continuation pattern on a May 16 post. If Bitcoin burst out of this range, it would set a new record, surpassing its previous highest value of $73,797 recorded on March 14.
Another positive sign can be discerned from the observation of an inverse head and shoulders pattern, a bullish indicator suggesting a potential downturn in Bitcoin's price. Several traders have noted this pattern over the past week and anticipate a breakout.
Crypto trader Steph Is Crypto noted on May 15th, that Bitcoin is currently in a breakout phase from the aforementioned pattern which could possibly set a technical target price around $75.2K.
Crypto Nova, another trader, suggested that a higher low and retest level are likely to emerge in the charts, potentially rebounding around $62-63k. However, it should be noted this is not investing advice or recommendations; every financial move carries risk and proper research should be conducted prior to decision-making.
Published At
5/17/2024 9:02:26 AM
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