Currently, according to CoinMarketCap, Bitcoin is trading at around $65.6K, meaning it is at the upper end of its range. Another 6.7% rise could take it to the $70k level – a possibility some analysts believe is imminent. “The current range is definitely forming an uptrend continuation pattern. A breakout could push Bitcoin to a new historical high,” noted crypto trader Yoddha in a post on May 16.
Chart Formations and Predictions
Additionally, last week we observed challenging market conditions that caused Bitcoin's price to reverse in a buyer-controlled market environment. Traders often pay attention to this chart pattern; This pattern is called inverse head and shoulders and is an important price action pattern. “Currently, Bitcoin is covering the reversal pattern we discussed earlier. The implied price target is an almost unattainable $75.2K,” wrote a crypto trader named 'Steph Is Crypto' on May 15.
Historical Context and Predictions
This prediction came just after Bitcoin reached $73,797 on March 14. While Bitcoin, currently at $65,585, is expected by investors to exceed the $70,000 level, according to Nova, there is a high probability at this level and there is a possibility of printing a new lower high at this level and retesting it on the chart, so 62-63,000 It is understandable that there may be a recovery level around the dollar.
As Bitcoin hovers at the upper end of its trading range, investors are eagerly awaiting future developments. Exceeding the $70,000 threshold could lead to a significant step in the direction of cryptocurrency; Some experts predict that a new record level will be reached. Meanwhile, investors lacking market signals will be cautious in their trading as they await market speculation.
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