Bitcoin analysis is mostly about ‘noise’; breaking $70,000 is important.
Bitcoin (BTC) price watchers are scrutinizing charts from top to bottom, but one analyst says there’s little point in it until the cryptocurrency gets close to all-time highs again.
“It’s an interesting breakout, so analyzing the charts until there is a breakout would be pretty fruitless,” Mati Greenspan, founder of Quantum Economics, explained to Cointelegraph.
He claimed there is currently “a lot of noise” from cryptocurrency traders and analysts providing market commentary.
“According to the charts, there is a very wide range, roughly between $50,000 and $70,000,” Greenspan said. “What happens within the scope is much less important.”
Bitcoin is trading at the upper end of its range, around $65,585, according to CoinMarketCap.
A further 6.7% rise would bring it to $70,000. Some analysts believe this event is coming soon.
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“The current range is clearly forming a bullish continuation pattern. A breakout will send BTC to the new ATH,” anonymous cryptocurrency trader Yoddha said in a May 16 X post.
This prediction comes just two months after Bitcoin hit an all-time high of $73,797 as of March 14.
Meanwhile, a bullish indicator that Bitcoin’s downward price trend is easing and buyers are gaining market power is the inverted head-and-shoulders pattern observed by several traders over the past week, which some say is now signaling a breakout. represents .
Anonymous cryptocurrency trader Steph Is Crypto wrote on May 15: “Bitcoin is currently breaking out of the inverted head and shoulders pattern discussed in the previous chart update. The technical price target is set at around $75.2K.” .
Trader Crypto Nova added: “62-63k levels are likely for a bounce from here, with higher lows on the charts and testing again.”
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This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.
