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Bitcoin (BTC) has been moving within a narrow range under pressure since it crossed the psychologically significant threshold of $60,000 on May 3. Experienced cryptocurrency analyst Adrian Zdunczyk made a notable statement that the largest cryptocurrency could surpass the $70,000 level this month, a level not seen since April 12.
Will Bitcoin Rise?
On the social media platform X, known as crypto_birb, cryptocurrency analyst Adrian Zdunczyk told his followers today that he expects Bitcoin’s price to exceed the $70,000 mark within this month. The analyst pointed out that the rising 200-week and 50-week moving averages indicate a bull market.
Zdunczyk added that the 200-week and 50-week moving averages now form a strong support level. He also noted that the Crypto Fear and Greed Index signals “greed” for market sentiment and that mining sales have halted.
It is known that the 200-day moving average has risen above $50,000 this week, reaching an all-time high. Bitcoin pioneer Anthony Pompliano highlighted this development, stating, “Don’t let Bitcoin’s sideways movement lull you. The long-term thesis remains as strong as ever,” emphasizing the significance of this change.
Another cryptocurrency analyst and trader, Crypto Caesar, pointed out a debatable situation where Bitcoin is forming a large cup and handle formation on the weekly timeframe. Crypto Caesar commented, “If Bitcoin starts to climb above ATHs this summer, then I expect a strong upward rally and potentially a shorter cycle.”
Earlier this week, analysts at the leading cryptocurrency exchange Bitfinex reported that some on-chain indicators suggest that selling pressure from short-term investors may be decreasing. Former BitMEX CEO Arthur Hayes noted that Bitcoin’s recent drop to $56,800 corresponds to the bottom and predicted that the market will remain between $60,000 and $70,000 until August.
Based on Past Trends, $70,000 on the Table
Considering previous market cycles, Bitcoin’s average gains in May are around 15%. The largest cryptocurrency opened the month at $60,600, suggesting that the estimated target level by the end of the month is approximately $70,000.
