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- Bitcoin recently surged by 7.54% in the last 24 hours, surpassing the $65,000 mark.
- This rise is partly attributed to positive inflation data from the U.S., with investors setting their sights on the $70,000 target.
- “We are at a turning point in the market cycle, right in the middle of the current square,” noted crypto analyst Blockchain Mane in an interview with Cointelegraph.
Explore the latest surge in Bitcoin’s value and its potential future movements in the crypto market.
Surprising Comments from Crypto Analysts
Following a significant increase, renowned crypto analyst Blockchain Mane discussed the potential paths Bitcoin could take. If the upward trend continues, we might see further increases by the end of May. However, a failure to maintain this breakout could lead to a horizontal or downward trend through the same period.
Key Indicators to Watch
Investors and traders are particularly focusing on the Gann Fans model and the inverse head and shoulders pattern. These indicators are crucial for predicting the future price movements of Bitcoin. According to TradingView data, Bitcoin’s dominance has increased by 2.23% over the last week, reaching 55.99%.
Technical Analysis and Market Sentiments
Blockchain Mane expects Bitcoin to turn its previous resistance level of $63,000 into new support. If Bitcoin rejects these levels, altcoins may suffer as they become increasingly dependent on Bitcoin’s price movements. Conversely, if the bullish trend continues, Bitcoin could potentially reach new all-time highs, surpassing the $74,580 mark before stabilizing around $70,000.
Conclusion
This analysis provides a snapshot of the current crypto market dynamics, focusing on Bitcoin’s recent performance and its potential future trajectory. While the market remains volatile, these insights help investors make informed decisions. However, it is crucial to conduct personal research and consider market risks before making investment decisions.
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