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COINTURK NEWS > Bitcoin (BTC) > Bitcoin’s Price Dynamics and Analyst Predictions
Bitcoin (BTC)

Bitcoin’s Price Dynamics and Analyst Predictions

In Brief

  • Bitcoin's price has been under pressure since surpassing $60,000.

  • Analyst Adrian Zdunczyk suggests a potential rise to $70,000 this month.

  • Market indicators show reduced selling pressure from short-term investors.

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COINTURK NEWS 1 year ago
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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.

Contents
Will Bitcoin Rise?Based on Past Trends, $70,000 on the Table

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.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 8 May, 2024 - 2:02 pm 8 May, 2024 - 2:02 pm
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