People who pay attention to the price of Bitcoin are looking at charts very closely. Even so, an expert asserts that it is not necessary at the moment since the digital currency is not near its all time high (ATH).
Quantum Economics Founder On Breakouts –
Mati Greenspan, the founder of Quantum Economics told Cointelegraph, “It’s the breakouts that are exciting, so until we have a breakout, analyzing the charts will be pretty futile.”
Further, he said that there is “a lot of noise” from crypto traders and analysts who are doing market commentary right now.
“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.”
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Bitcoin Prices Of Last Week
According to CoinMarketCap, as of May 17, Bitcoin was trading at the upper range of approximately $65,585.
According to several analysts, it will jump to another 6.7% which will ultimately take it to $70,000.
Bitcoin Breakouts: What Matters According To The Traders
- A pseudonymous crypto trader Yoddha stated in a May 16 X post, “The current range is surely forming a bullish continuation pattern. A breakout will send BTC to a new ATH.”
This prediction was made only two months after Bitcoin hit its recent all-time high of $73,797 on March 14.
Bitcoin price is showing that the fall is not as strong as before since now the buyers dominate the market, which is one of the bullish indicators. During the previous week, some traders predicted bitcoin to be reversed head plus shoulders pattern with others suggesting that it showed a break.
- Another pseudonymous crypto trader Steph Is Crypto stated on May 15, “Bitcoin is currently breaking out from the inverted head-and-shoulders pattern as discussed in the previous chart updates,” he further added, “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,” said the crypto trader- Crypto Nova.
Conclusion-
Analysts are observing closely in anticipation of a break out that could set a new all time high (ATH). Recent patterns indicate continued bullishness, suggesting a technical price target of about $75.2K. In spite of earlier declines, there seems to be buyer dominance in the market implying that there is some resilience left in it. Should there be a pullback level of 62-63k it would serve as a pivotal level.
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