Bitcoin analysis mostly ‘noise,’ a $70K breakout is what matters

0


Bitcoin price watchers are scrutinizing charts top to bottom, but one analyst says there’s little point until the cryptocurrency gets closer to its all-time high again.

“It’s the breakouts that are exciting, so until we have a breakout, analyzing the charts will be pretty futile,” Quantum Economics founder Mati Greenspan explained to Cointelegraph.

He claimed there is “a lot of noise” from crypto traders and analysts giving market commentary at the moment.

“As far as the chart goes there’s a very wide range between $50,000 and $70,000 approximately,” said Greenspan. “Stuff that happens inside the range is far less significant.”

Bitcoin (BTC) is trading at the upper end of that range at around $65,585, according to CoinMarketCap.

Bitcoin is slightly up 1.96% over the past 30 days. Source: CoinMarketCap

Another 6.7% jump will take it to $70,000 — an event several analysts believe is on the horizon.

Related: Bitcoin selling pressure to ease? M2 money supply flips positive

“The current range is surely forming a bullish continuation pattern. A breakout will send BTC to a new ATH,” pseudonymous crypto trader Yoddha said in a May 16 X post.

The forecast comes just two months after Bitcoin hit its current all-time high of $73,797 on March 14.

Source: Yoddha

Meanwhile, one bullish indicator signals that Bitcoin’s price downtrend is easing, with buyers gaining market dominance. Several traders have observed the inverse head-and-shoulders pattern over the past week, with some indicating the pattern is now signaling a breakout.

“Bitcoin is currently breaking out from the inverted head-and-shoulders pattern as discussed in the previous chart updates,” pseudonymous crypto trader Steph Is Crypto wrote on May 15. “The technical price target is set at approximately $75.2K.”

“Likely in the process of printing a higher low and retest in the charts, the possible level to rebound here is 62-63k,” added trader Crypto Nova.

Magazine: UK cannabis millionaire’s legal ‘deals on wheels’ via crypto

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.