Cryptocurrencies

Bitcoin (BTC) price watchers scan the charts from top to bottom, but no…

Bitcoin (BTC) price watchers are scanning the charts from top to bottom, but one analyst says there is no point in the cryptocurrency approaching all-time highs again.

“Breakouts are exciting, so until we get a breakout, chart analysis will be pretty much useless,” Matti Greenspan, founder of Quantum Economics, explained to Cointelegraph.

He claimed that there is “a lot of noise” from cryptocurrency traders and analysts providing commentary on the market at the moment.

“In terms of the chart, there’s a very wide range between about $50,000 and $70,000,” Greenspan said. “The things that happen inside the range are much less important.”

Bitcoin is trading at the upper end of that range at around $65,585, according to CoinMarketCap.

Bitcoin is up slightly by 1.96% over the past 30 days. Source: CoinMarketCap

Another 6.7% jump would reach $70,000 – an event that many analysts believe is on the horizon.

Related: Will Bitcoin selling pressure ease? The money supply M2 turns positive

“The current range definitely forms a bullish continuation pattern. “The hack will send BTC to a new ATH,” the pseudonymous cryptocurrency trader, Yoddha, said in a post on May 16.

These predictions come just two months after Bitcoin reached an all-time high of $73,797 on March 14.

Bitcoin (Btc) Price Watchers Scan The Charts From Top To Bottom, But No...
Source: Yoda

Meanwhile, a bullish indicator indicating a downtrend for the Bitcoin price is pulling back and buyers are gaining dominance over the market is called a reversal head and shoulders pattern, and has been observed over the past week by many traders, with some suggesting that the pattern now indicates a breakout.

“Bitcoin is currently exiting the inverted head and shoulders pattern as discussed in previous chart updates,” the pseudonymous cryptocurrency trader “Steve Is Crypto” wrote on May 15. “The technical price target is set at around $75.2k.”

“It is likely that in the process of printing a higher low and retesting in the charts, the potential level for a bounce here is 62-63K,” Crypto Nova trader added.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.

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