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Analysts Question Bitcoin’s Potential to Surpass $70,000 as Performance Slumps
Bitcoin’s performance has slumped by a disappointing 4.53% in the past week, leaving analysts questioning its potential to surpass $70,000. However, Moustache, a leading expert in the crypto market, is anticipating directional breakouts above $70,000, citing past data that indicates the consolidation period may be brief.
At present, Bitcoin’s value is $58,371.56, and its market value remains above the $1 trillion threshold. Despite the lackluster performance of the current price, Moustache believes that Bitcoin could be on its way to a significant price increase, similar to the situation after the COVID-19 market crash in 2020.
During that time, Bitcoin’s price action was eerily similar, and shortly after, it experienced a reversal, rallied, and eventually peaked at approximately $11,892.92. According to Moustache, the current price consolidation may be paving the way for a similar surge, with the $54,000 level serving as a reversal in the direction of the cryptocurrency’s price action.
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Coinglass has reported that three major exchanges have recorded a negative net flow of $738.06 million, indicating that some investors may be benefiting from the cryptocurrency or ceasing to use it. However, Moustache’s forecast for a breakout above $70,000 is not unfounded. The analyst’s chart suggests that Bitcoin’s price action is following essentially the same pattern seen during COVID-19 and ETF gold prices.
Given repeated events over the next few weeks and months, it is likely that Bitcoin will experience a significant increase in value. It’s important to note that the $54,000 level is necessary for this upward movement to occur. If Bitcoin’s price fails to hold above this level, there may be no buying pressure and potentially more decline.
However, if the cryptocurrency can rally above this level, it could open up opportunities for a significant upward movement. In sum, even though Bitcoin’s performance in recent days may be subpar, there are indications that the coin is about to experience reversal. Given that 80 percent of holders are currently profitable and the support level at $54,018.30 is strong, suggests that things are looking very much like they could go up.
Although ambitious, Moustache’s prediction of a breakout above $70,000 may seem unlikely due to historical data and the need for independent research. Nevertheless, the analyst’s arguments are compelling, and Bitcoin enthusiasts will be watching closely to see if the cryptocurrency can indeed reach new heights.