Will Bitcoin Reach $70K in the Short Term? Experts Weigh In

In the crypto market, Bitcoin prices have been rangebound above the psychological level of $60,000 since May 3. But, a prominent analyst predicts that the asset may recover the $70,000 level this month, which it has not seen since April 12.

Bitcoin to Scale Higher?

Adrian Zduńczyk, a well-known analyst, believes that Bitcoin’s potential target in May is around $70,000. According to him, we are in a bull market because the 200-week and 50-week moving average trends are on the rise. Additionally, the 200-day moving average has reached an all-time high of above $50,000, which indicates that market sentiment is still positive.

$70k+ in May possible? https://t.co/yAj8hYJT0R

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

Zduńczyk also stated that the technical indicator is now a support level at this price and that mining costs have stalled. In previous market cycles, the average gains in May were around 15%, and the month’s opening at $60,600 implies an estimated target of $70,000 by the end of the month.

Another analyst and trader, “Crypto Caesar,” observed that Bitcoin might be forming a large cup and handle pattern on the weekly timeframe. If Bitcoin can start trending above ATH’s this summer, he anticipates a strong rally.

On the other hand, former BitMEX CEO Arthur Hayes said that the local bottom had passed when BTC hit $56,800, and markets would remain rangebound between $60,000 and $70,000 until around August.

Crypto markets dipped slightly on Wednesday, and Bitcoin fell to $62,629, losing 1.4%. Ethereum also weakened, dropping to just above $3,000, a crucial support level. The altcoins, including Solana (SOL), Dogecoin (DOGE), and Avalanche (AVAX), experienced larger losses.

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