Bitcoin Rally Continues: Analyst Predicts $70,000 Target Soon

Bitcoin continues to maintain its momentum toward the upward trajectory, touching the $68,000 price mark earlier today, leading to speculations about how long it will take to hit a new peak.

Bitcoin To Reach $70,000 In A Matter Of Time

With the price action of Bitcoin today, several crypto analysts are bullish about BTC as they believe that the crypto asset could reach a new peak very soon. The digital asset recently touched the $68,000 threshold for the first time in nearly 3 years, placing it just short of capping off a notable recovery.

In a post on the social media platform X (formerly Twitter), Cryptocurrency analyst and enthusiast Crypto Jelle has expressed his bullish optimism toward BTC with the community. His predictions examine Bitcoin’s current price position and its potential to surpass its all-time high.

According to the crypto expert, the price of BTC is just “inches away” from reaching unprecedented heights. He pointed out that the coin tried to break through its current peak but was unsuccessful.

Additionally, he noted that the crypto asset is presently “retesting the 4-Hour 25 Exponential Moving Average (EMA) and the 50 Relative Strength Index (RSI).” Nonetheless, crypto Jelle believes that “both trends are good entries that could trigger a bounce” to a new level.

BTC within inches away from its peak | Source: Crypto Jelle on XAs a result, the analyst has predicted the asset to reach “$70,000 in only a matter of time.” Furthermore, he has urged the community to be patient as this is the “name of the game.”

The post read:

Bitcoin is within inches of a new all-time high. Rejected on its first attempt, but now retesting the 4-Hour 25E MA and the RSI 50 level. Both tend to be good entries for a bounce. $70,000 is a matter of time, and patience remains the name of the game.

As Bitcoin continues to rally, the token’s fear and greed index seems to have also skyrocketed. Jelle has also highlighted in another post that BTC’s “fear and greed index are presently reaching extreme levels.”

However, this does not imply that we will be seeing a pullback, according to the expert. He then clarified that as of the time Bitcoin surpassed $20,000, the fear and greed index was higher than it is now while urging investors not to be “shaken out” of the market.

BTC Could Hit $150,000 Before 2024 Closes

The head of research at Fundstrat, Tom Lee, has also shared his optimism toward BTC in an interview with CBNC. Tom Lee’s optimistic overview came in light of the asset drawing close to its peak.

According to Lee, he believes that Bitcoin is heading straight back towards its “long-term trendline.” Due to this, he has placed his price target at “$82,000 in the short term.” Lee also predicted a long-term price for BTC, putting his target at “$150,000 before the year closes.”

Presently, Bitcoin is situated at $66,710, up by over 2% in the past day, and above 18% in the past week. CoinMarketCap shows that its market cap and trading volume are up by 2.70% and 70.61% in the past day, respectively.

BTC trading at $66,772 on the 1D chart | Source: BTCUSDT on Tradingview.comDisclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.