Traders expect Bitcoin price to reach $70,000 soon
Bitcoin jumped nearly 8% in the last 24 hours to top $66,000 on positive US inflation data. Traders are now watching two key indicators that forecast the flagship asset's potential rise to $70,000.
A reputable crypto trader under the nickname Blockchain Mane is closely watching the Gann Fans model. This is a key indicator that analyzes the geometric and cyclical movement of the crypto market and allows you to see the “bullish sentiment”.
From the indicator's point of view, we are at a reversal in the market cycle, right in the center of the current square. If we move up, we could see a growth phase until the end of May,” Blockchain Mane said.
According to Mikybull Crypto forecast, Bitcoin price could soon reach the next key price level of $70,000, after which it could exceed the March ATH of $74,580.
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