Bitcoin price forecast: $70,000 may be the target of the race

Bitcoin closed the weekly candle + 15.66% and immediately saw the pressure of buyers ‘ dollars, raising the price above 57,000, which prompted people’s interest in the forecast of new prices for the short-term period.

Where will the BTC go next?

The Bitcoin price spent most of Sunday in the red numbers and closed the daily candle at -2.12% ($56,577. 93).

The outstanding number one crypto asset by market capitalization has spent the past few days in the range between last month’s high of $64,804. 72 on April 14, 2021, and its rebound of $47,409. 83 on April 25.

At the time of writing, Bitcoin is up more than $800, trading at $ 58,500, rising above all bearish barriers and moving averages.

As shown below by TradingShot, a user of TradingView, BTC sets much higher prices if it can push off from the moving averages on the 4HR chart.

This user has outlined that BTC will rise above $70,000 if it reaches the measured growth and continues its bullish cycle before further bearish pressure ensues.

BTC price Forecast

However, 70K + may only be the beginning of the next wave of growth. Faibik, another TradingView analyst, notes that Bitcoin has been trading in one ascending channel for the past 5 months. This is a super-bullish channel, where a lot of BTC ATH has been created during this time.

This upward channel could lead to a test sooner than many might have expected, to a six-figure BTC price and over $100,000, for the first time in the asset’s history.

Opposite bearish outlook for equal measures

It would be a mistake not to consider the possibility that BTC will fail, because anything can happen in the markets. If BTC breaks down here, the first support and an important region to consider as critical will be the 100-day moving average of 55,324. 81. Anything below this level will encourage the bulls to hope for a rebound on the 50-day moving average ($53,501. 67).

If these levels do break through, it’s time for a new cause for concern, but for now, price action suggests upcoming upward moves. A rise above $60,000 looks imminent, and any significant time spent above this region suggests that ATH testing is just around the corner.

Do not forget that on Saturday, May 1, there was the largest update of Bitcoin in recent years. Miners who want to use Taproot now include special data called “signal bits”in the block they are mining.

The goal of Taproot is to change the way Bitcoin scripts work. In particular, the combination of Taproot with Schnorr signatures will increase the level of anonymity of transactions in the chain and improve complex transactions, which can not but affect the price of the asset.

The Taproot update will allow the moving parts of a complex bitcoin transaction to be publicly hidden, which can then appear to observers as a normal single transaction.