Bitcoin price watchers are scrutinizing charts top to bottom, but one analyst says there’s little point until the cryptocurrency gets closer to its all-time high again.
“It’s the breakouts that are exciting, so until we have a breakout, analyzing the charts will be pretty futile,” Quantum Economics founder Mati Greenspan explained to Cointelegraph.
He claimed there is “a lot of noise” from crypto traders and analysts giving market commentary at the moment.
“As far as the chart goes there’s a very wide range between $50,000 and $70,000 approximately,” said Greenspan. “Stuff that happens inside the range is far less significant.”
Bitcoin is trading at the upper end of that range at around $65,585, according to CoinMarketCap.
Another 6.7% jump will take it to $70,000 — an event several analysts believe is on the horizon.
“The current range is surely forming a bullish continuation pattern. A breakout will send BTC to a new ATH,” pseudonymous crypto trader Yoddha said in a May 16 X post.
The forecast comes just two months after Bitcoin hit its current all-time high of $73,797 on March 14.
Meanwhile, one bullish indicator signals that Bitcoin’s price downtrend is easing, with buyers gaining market dominance. Several traders have observed the inverse head-and-shoulders pattern over the past week, with some indicating the pattern is now signaling a breakout.
“Bitcoin is currently breaking out from the inverted head-and-shoulders pattern as discussed in the previous chart updates,” pseudonymous crypto trader Steph Is Crypto wrote on May 15. “The technical price target is set at approximately $75.2K.”
“Likely in the process of printing a higher low and retest in the charts, the possible level to rebound here is 62-63k,” added trader Crypto Nova.
