Bitcoin (BTC) traders avidly searching for cues on charts may need to focus their sights a little higher, according to Mati Greenspan, the founder of Quantum Economics. He suggests that until Bitcoin breaks above $70,000 again, most of the analysis is essentially "noise" and viewing charts for insights will be "pretty futile."
"With a broad range of $50,000 to $70,000, movements inside this boundary are far less significant," claims Greenspan. Presently trading at the upper bracket of this range at about $65,585, according to CoinMarketCap, Bitcoin (BTC) requires a further 6.7% jump to touch the $70,000 mark– an event anticipated by numerous analysts.
With market observers noting an easing in Bitcoin’s (BTC) price downtrend and buyers regaining control, expectations are that a surge past the all-time high of $73,797 (achieved on March 14) is becoming increasingly probable. Several traders have keyed in on an inverse head-and-shoulders pattern over the past week, suggesting that a breakout may be imminent.
Pseudonymous crypto trader Steph Is Crypto predicted a technical price target for Bitcoin (BTC) at approximately $75.2K whereas Crypto Nova pointed to the possibility of a higher low and retest at the 62-63k mark.