Will BTC return to $70k soon?

After retrieving above the psychological $60,000 level on May 3, Bitcoin prices have been tightly constrained.

However, one prominent analyst noted that the asset could reach the $70,000 level this month, a price it has not seen since April 12.

BTC to go up?

On May 8, Adrian Zedunczyk, aka “crypto_birb” told his 652,000 X followers that his May price target for Bitcoin is around $70,000.

The analyst said we were in a bull market as the 200-week and 50-week moving averages were rising.

Is $70k+ possible in May?

— Adrian Zedunczyk, CMT (@crypto_birb) May 8, 2024

Additionally, the 200-day moving average was seen above $50,000 this week. Bitcoin pioneer Anthony Pompliano observed:

“Don't be fooled into sleeping on bitcoin while going sideways. The long-term thesis is as strong as ever.

Zudunchik added that the technical indicator was now a support level at this price.

According to the fear and greed index, the market sentiment is still at the level of “greed” and mining costs have stopped.

Moreover, the average gain in previous market cycles in May was around 15 percent. He concluded that the month that opened at 60,600 points to an estimated goal of around $70,000 by the end of the month.

Associate analyst and trader “CryptoCaesar” notes that there is an argument that Bitcoin is forming a large cup and handle on the weekly chart.

He added: “If Bitcoin starts to advance above ATH this summer, I expect a strong rally to the upside and a shorter cycle.”

Earlier this week, some on-chain indicators of the crypto exchange Bitfinex suggested that the sale of short-term bonds may be slowing down.

Moreover, the former CEO of BitMEX, Arthur Hayes, said that when BTC reaches $56,800, the bottom of the area has been passed, and the markets will remain between $60,000 and $70,000 until around August.

Crypto market overview

Crypto markets fell slightly in Asian trade on Wednesday, losing 1.4% to $2.42 trillion.

At the time of writing, Bitcoin had fallen by the same percentage to $62,629 but remained on the sidelines.

Ethereum was weaker, falling just above $3,000, a critical support level.

The altcoins were mostly in the red, Solana (SOL), Dogecoin (DOGE) and Avalanche (AVAX) with big losses.