Will BTC return to $70,000 soon?

Bitcoin prices have remained very limited since their return above the psychological $60,000 level on May 3.

However, one prominent analyst sees the asset retrieving the $70,000 level this month, a price it hasn’t seen since April 12.

BTC to go higher?

On May 8, Adrian Zduńczyk aka “crypto_birb” told his 652,000 X followers that the potential price target for Bitcoin in May is around $70,000.

The analyst said we were in a bull market because the 200 and 50 week moving average trends were up.

Over $70,000 in May? https://t.co/yAj8hYJT0R

— Adrian Zduńczyk, CMT (@crypto_birb) May 8, 2024

Additionally, the 200-day moving average hit an all-time high this week above $50,000. Bitcoin pioneer Anthony Pompliano observed this, saying:

“Don’t fall asleep on Bitcoin going sideways. The long-term thesis is as strong as ever.”

Zduńczyk added that the technical indicator was now a support level at this price.

He said market sentiment was still in the “greed” phase, according to the Fear and Greed Index, and mining costs had stagnated.

Also, average gains in May in previous market cycles were around 15%. The month’s open at $60,600 implies an estimated month-end target of around $70,000, he concluded.

Fellow analyst and trader “Crypto Caesar” observed that there is an arguable case that Bitcoin is forming a large cup and handle pattern on the weekly time frame.

“If Bitcoin can start trending above the ATH this summer, then I anticipate a strong rally to the upside and potentially a shorter cycle,” he added.

Earlier this week, crypto exchange Bitfinex reported that some on-chain indicators suggested that short-term holder selling pressure may be waning.

Also, former BitMEX CEO Arthur Hayes said that the local fund had passed when BTC reached $56,800, and the markets would remain between $60,000 and $70,000 until around August.

Crypto market outlook

Crypto markets fell slightly, losing 1.4% to $2.42 trillion during Wednesday’s trading session in Asia.

Bitcoin had fallen a similar percentage to $62,629 at the time of writing, but held sideways.

Ethereum had weakened further, falling to just above $3,000, a crucial support level.

Altcoins were mostly in the red, with biggest losses for Solana (SOL), Dogecoin (DOGE) and Avalanche (AVAX).

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