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Analysts Predict Bitcoin (BTC) Surge to $70K Soon, Here’s Why

Experts predict Bitcoin (BTC) may surge to $70K soon.

Wed, 15 May 2024, 01:38 am UTC

Despite a rise beyond $63,000 on May 13, Bitcoin's price has fallen to $61,500 today (May 14). One cause for the drop could be Coinbase's operating troubles.

System Outage on US-Based Exchange Repairs, Analysts Predict BTC Surge

According to CryptoPotato, the US-based exchange experienced a "system-outage," causing many users to be unable to execute trades or withdraw funds. The firm repaired the problem a few hours ago, however BTC remains below $62,000.

Many analysts, however, predict that a surge above $70,000 is on the way. Captain Faibik, an X user, has set a midterm aim of $78,000 and plans to invest 25% of his money in Bitcoin.

Crypto Rover identified an "inverse head & shoulders pattern" on Bitcoin's price chart, predicting a spike to $72,000.

Rekt Capital and Titan of Crypto were also bullish. The former assumed that the asset had gone through the post-halving "danger zone" and was now preparing for a significant pump. Remember that the halving, which decreased miners' earnings from 6.25 BTC to 3.125 BTC, occurred last month.

Titan of Crypto claimed that Bitcoin's bull run is still occurring. According to the expert, the Risk-Adjusted Return Oscillator (RAR) indicator has entered "the overbought territory," implying that the asset will hit its cycle peak in at least eight months.

MVRV Ratio Signals BTC Value Surge, with Exchange Outflows Indicating Bullish Trend

The MVRV (Market Value to Realized Value) ratio, which has fallen in recent weeks, is a key indicator that BTC's value may skyrocket in the next months.

A number greater than 3.5 indicates that the price is nearing its high, whereas a score less than 1 indicates that the price has reached its lowest. The MVRV ratio fell below 2 at the beginning of May, indicating a buy signal for the leading digital asset.

BTC exchange netflow should also be monitored. Outflows have surpassed inflows in the last seven days, indicating a trend away from centralized platforms and toward self-custody approaches. The move is deemed bullish because it alleviates the immediate selling pressure.

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