Bitcoin Price Prediction for the Short Term: Will BTC Return to $70K Soon?
Bitcoin prices have been trading in a relatively narrow range above $60,000 since May 3. However, one analyst believes that Bitcoin has the potential to reach $70,000 again in the near future, a price it has not seen since April 12.
Adrian Zduńczyk, also known as “crypto_birb,” recently shared with his 652,000 followers on Twitter that he sees a potential target of $70,000 for Bitcoin in May. He bases his prediction on the rising trends of the 200-week and 50-week moving averages, indicating a bullish market.
Zduńczyk also noted that the 200-day moving average hit an all-time high above $50,000 this week, suggesting a strong support level. Market sentiment, as indicated by the Fear and Greed Index, is still in the “greed” phase, and mining costs have stalled. In previous market cycles, May has seen average gains of around 15%, which could imply an end-of-month estimated target of $70,000 based on the current month open at $60,600.
Another analyst, known as “Crypto Caesar,” pointed out the formation of a large cup and handle pattern on the weekly timeframe, suggesting a potential rally if Bitcoin starts trending above its all-time highs.
Other industry figures, such as Bitfinex and former BitMEX CEO Arthur Hayes, have also shared their insights. Bitfinex reported that selling pressure from short-term holders may be diminishing, while Hayes believes that Bitcoin will remain rangebound between $60,000 and $70,000 until around August.
As for the overall crypto market outlook, there was a slight dip during the Wednesday trading session in Asia, with the total market cap dropping 1.4% to $2.42 trillion. Bitcoin itself fell a similar percentage to $62,629, while Ethereum weakened further, hovering just above the crucial support level of $3,000. Some altcoins, including Solana, Dogecoin, and Avalanche, experienced larger losses.
While these predictions and observations provide insights into the short-term potential of Bitcoin, it’s important to remember that the cryptocurrency market can be highly volatile and subject to various factors that can influence prices.