Bitcoin prices have remained tightly rangebound since their return above the psychological $60,000 level on May 3.
However, one prominent analyst sees the asset potentially recovering the $70,000 level this month, a price it has not seen since April 12.
BTC to Climb Higher?
On May 8, Adrian Zduńczyk, aka “crypto_birb,” told his 652,000 X followers that the potential target for Bitcoin prices in May is around $70,000.
The analyst said that we were in a bull market because the 200-week and 50-week moving average trends were rising.
$70k+ in May possible? https://t.co/yAj8hYJT0R
— Adrian Zduńczyk, CMT (@crypto_birb) May 8, 2024
Additionally, the 200-day moving average hit an all-time high this week of above $50,000. Bitcoin pioneer Anthony Pompliano observed this, saying:
“Don’t get lulled to sleep by Bitcoin going sideways. The long-term thesis is as strong as ever.”
Zduńczyk added that the technical indicator was now a support level at this price.
He said that market sen
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