Bitcoin Nearing $70,000, Potential ATH in Coming Weeks

Bitcoin has been trading within a narrow range post-Halving, with many analysts suggesting the price could reach ATH in the next 1-2 weeks.

Bitcoin Ath 2 Weeks

Bitcoin is trading at $66,700, with no significant fluctuations after the 4th Halving event on April 20. Since October, Bitcoin has broken above the 200-day simple moving average (SMA) and entered a bullish phase, the latest peak reached above $73,500 last month.

The 200-day SMA is often seen as an important indicator of long-term trends, and the fact that it is currently rising sharply indicates that Bitcoin is in a strong bullish phase. Notably, the indicator is showing signs of surpassing its previous peak of $49,452, set in February 2022, and is currently stable at $47,909 while Bitcoin is trading at $66,200.

In the past, data shows that Bitcoin’s strongest bullish periods typically take place after the 200-day SMA surpasses the previous high. For example, in early November 2020, six months after the third Halving, the 200-day SMA rose above $10,320. By mid-April 2021, Bitcoin had surged to $63,800, 4.5 times where the 200-day SMA started rising.

Looking further back, in December 2016, about five months after the second Halving, the 200-day SMA hit a new high, before Bitcoin saw a sharp rally to over $19,000 within a year, similar to the one after the Halving. first in November 2012, at the same time the average reached a new peak.

While the past cannot guarantee future results, some elements of this cycle appear to be repeating themselves. For example, Bitcoin’s bear market peaked in November 2022, followed by a bull run, consistent with the historical pattern of bottoming 15 months before the new halving cycle spurs a bull run.

Related: Bitcoin Hits $67,000 as BlackRock Grows for 70 Consecutive Days

According to the report, a cryptocurrency analyst known for his ability to accurately predict the bottom of the cryptocurrency market during the 2018 bear market recently revealed that he believes Bitcoin will reach a new all-time high “within the next 1-2 weeks”.

The analyst said he expects Bitcoin prices to peak around $120,000 this cycle, after seeing it in the fifth wave of a larger trend. However, not everyone is so optimistic, with a new report from Fidelity Digital Assets suggesting Bitcoin is no longer “cheap” and is instead considered trading at a “reasonable” price.

5.0/5

(1 vote)
  1. Avatar of ABDULMALIK KASSIM ALIYU
    ABDULMALIK KASSIM ALIYU

    Good to go

  2. Avatar of
    Anonymous

    Excellent

Comments are closed.

Latest

Azcnews Cronos Surges 183%, Leading The Market In Gains

Altcoin | Analytics | Editor Choice | News

Cronos Surges 183%, Leading the Market in Gains

CRO has increased in price by more than 183% in the past 7 days, recording the strongest growth coin in the market, compared to all other coins.

Ftx Sues Binance And Cz

News | Editor Choice | Policy & Regulations

FTX Sues Binance and CZ, Demanding Compensation of Up to $1.76 Billion

FTX has filed a lawsuit against Binance and CZ in the Delaware Bankruptcy Court, seeking damages of up to $1.76 billion. They claim that Binance and CZ were the main causes of the 2022 collapse.

Azcnews Bitcoin Surges To $89,000, Igniting A Market Wide Boom

News | Bitcoin | Editor Choice

Bitcoin Surges to $89,000, Igniting a Market-Wide Boom

Bitcoin has surged to $89,000, marking a new all-time high. Bitcoin is just 12% away from hitting $100,000.

Azcnews Ada Price Doubles As Founder Reveals Role Under Trump

News | Altcoin | Editor Choice

ADA Price Doubles as Founder Reveals Role Under Trump

Cardano’s native token ADA has surged more than 100% over the past week, after founder Charles Hoskinson revealed his key role under the Donald Trump administration.

Changpeng Zhao Perspective On Ftx Two Years After Its Collapse

News | Altcoin | Editor Choice | Policy & Regulations

Changpeng Zhao Perspective on FTX Two Years After Its Collapse

Two years after the collapse of the FTX empire, Changpeng Zhao (CZ), former CEO of Binance, shared deep insights about the event that changed the landscape of the cryptocurrency market.