{"id":1148,"date":"2024-05-08T07:28:27","date_gmt":"2024-05-08T07:28:27","guid":{"rendered":"https:\/\/cryptd.in\/bitcoin-price-prediction-for-the-short-term-will-btc-return-to-70k-soon\/"},"modified":"2024-05-08T07:28:27","modified_gmt":"2024-05-08T07:28:27","slug":"bitcoin-price-prediction-for-the-short-term-will-btc-return-to-70k-soon","status":"publish","type":"post","link":"https:\/\/cryptd.in\/id\/bitcoin-price-prediction-for-the-short-term-will-btc-return-to-70k-soon\/","title":{"rendered":"Bitcoin Price Prediction for the Short Term: Will BTC Return to $70K Soon?"},"content":{"rendered":"

Bitcoin prices have remained tightly rangebound since their return above the psychological $60,000 level on May 3.<\/p>\n

However, one prominent analyst sees the asset potentially recovering the $70,000 level this month, a price it has not seen since April 12.<\/p>\n

BTC to Climb Higher?<\/h2>\n

On May 8, Adrian Zdu\u0144czyk, aka \u201ccrypto_birb,\u201d told his 652,000 X followers that the potential target for Bitcoin prices in May is around $70,000.<\/p>\n

The analyst said that we were in a bull market because the 200-week and 50-week moving average trends were rising.<\/p>\n

$70k+ in May possible? https:\/\/t.co\/yAj8hYJT0R<\/a><\/p>\n

\u2014 Adrian Zdu\u0144czyk, CMT (@crypto_birb) May 8, 2024<\/a><\/p>\n\n

Additionally, the 200-day moving average hit an all-time high this week of above $50,000. Bitcoin pioneer Anthony Pompliano observed this, saying:<\/p>\n

\u201cDon\u2019t get lulled to sleep by Bitcoin going sideways. The long-term thesis is as strong as ever.\u201d<\/p>\n

Zdu\u0144czyk added that the technical indicator was now a support level at this price.<\/p>\n

He said that market sentiment was still in the \u201cgreed\u201d phase, according to the Fear and Greed Index, and mining costs<\/a> had stalled.<\/p>\n

Moreover, average gains in May in previous market cycles were around 15%. The month open at $60,600 implies an end-of-month estimated target of around $70,000, he concluded.<\/p>\n

Fellow analyst and trader \u201cCrypto Caesar\u201d observed that there is an arguable case that Bitcoin is forming a large cup and handle pattern on the weekly timeframe.<\/p>\n

\u201cIf Bitcoin can start to trend above ATH\u2019s this summer, then I anticipate a strong rally to the upside and potentially a shorter cycle,\u201d he added.<\/p>\n

Earlier this week, the crypto exchange Bitfinex reported that some on-chain indicators suggested\u00a0that selling pressure from short-term holders may be waning.<\/p>\n

Moreover, former BitMEX CEO Arthur Hayes said<\/a> that the local bottom had passed when BTC hit $56,800, and markets would remain rangebound between $60,000 and $70,000 until around August.<\/p>\n

Crypto Market Outlook<\/h2>\n

Crypto markets dipped slightly, losing 1.4% to $2.42 trillion during the Wednesday trading session in Asia.<\/p>\n

Bitcoin had fallen a similar percentage to $62,629 at the time of writing but remained sideways.<\/p>\n

Ethereum had weakened further, dropping to just above $3,000, a crucial support level.<\/p>\n

The altcoins were mostly in the red, with larger losses for Solana (SOL), Dogecoin (DOGE), and Avalanche (AVAX).<\/p>\n

Pos Bitcoin Price Prediction for the Short Term: Will BTC Return to $70K Soon?<\/a> muncul pertama kali di CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin prices have remained tightly rangebound since their return above the psychological $60,000 level on May 3. However, one prominent analyst sees the asset potentially recovering the $70,000 level this month, a price it has not seen since April 12. BTC to Climb Higher? On May 8, Adrian Zdu\u0144czyk, aka \u201ccrypto_birb,\u201d told his 652,000 X […]<\/p>\n","protected":false},"author":0,"featured_media":1149,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"\nBitcoin Price Prediction for the Short Term: Will BTC Return to $70K Soon? - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/id\/bitcoin-price-prediction-for-the-short-term-will-btc-return-to-70k-soon\/\" \/>\n<meta property=\"og:locale\" content=\"id_ID\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Prediction for the Short Term: Will BTC Return to $70K Soon? - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"Bitcoin prices have remained tightly rangebound since their return above the psychological $60,000 level on May 3. 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