Here’s why Bitcoin (BTC) may cross $70,000 soon: analysts

TL; DR

Bitcoin price has dropped to $61,500 due to Coinbase issues, but analysts are predicting a rally above $70,000 soon. Positive market indicators and exchange trends suggest that sales pressure will decrease, which indicates a possible price increase for the property.

Is It Time For A New BTC Rally?

Despite rising above $63,000 on May 13, Bitcoin's price has recovered to $61,500 today (May 14). One of the reasons for the fall may be Coinbase's operational issues.

as a Cryptopotato reportedThe US-based exchange experienced “System interruption” At this time, many users were unable to make transactions or withdrawals. The company fixed the problem a few hours ago, but BTC was trading below the $62K mark.

Many analysts, however, believe that a rally above $70,000 is on the horizon. User of X Captain Fibic the host 78,000 dollars as an intermediate target, adding that 25% of the portfolio will buy BTC.

Crypto Rover Spotted An “inverse head and shoulders pattern” on the Bitcoin price chart, showing a rise to $72,000.

Rect Capital and Titan of Crypto were aggressive. The former It is estimated. The property has passed the “danger zone” after half-life and is now preparing for a big pump. Halving the miner reward from 6.25 BTC to 3.125 BTC; took last month.

Titan of Crypto proposed that Bitcoin's bull run continues. The analyst said the risk-adjusted return ratio (RAR) indicator had entered “overbought territory”, suggesting that the asset has at least eight more months to go. It will arrive The end of the cycle.

Signs of revival

one Important An indicator that the price of BTC may rise coming soon It is the MVRV (Market Value to Real Value) ratio that has experienced a decline over the past several weeks.

A score above 3.5 hints that the price is close to a peak, while a score below 1 warns of a downside. MVRV ratio Baptized root 2 At the beginning of May, flashing Buy a token for the original digital asset.

The BTC exchange network also has a flow. Be respected. In the last seven days, there have been outflows. It has passed It is internalized, suggesting a shift from centralized platforms to self-sustaining mechanisms. The movement It is considered Bullying because it immediately reduces sales pressure.