Bitcoin’s (BTC) break to an all-time high above $63,000 has several analysts feeling bullish, with price targets at $70,000 or higher by next month.
Risks remain as some analysts choose to wait for confirmation of the breakout in price charts, especially with bullish positioning reaches extreme levels in the futures market.
CoinDesk rounded up several cryptocurrency analysts for their bitcoin forecasts.
Alex Blum, managing director at Two Prime:
- “After several weeks of healthy consolidation below $60,000, bitcoin has continued to align with stock-to-flow model projections.”
- Blum also noted that heavy options buying behavior suggests the $72,00 price mark is a good estimate for end-of-month price targets.
Joe DiPasquale, CEO of BitBull Capital:
- “Each time bitcoin tested a lower value, the price went back above $60,000. Now that it has broken out past the resistance at $652,000, I expect it to reach $70,000 by end of May.”
Garrick Hileman, head of research at Blockchain.com:
- “The visibility brought to Coinbase direct public market listing on Wednesday and its strong financial performance is also helping to drive new all-time crypto highs.”
- “We see significant upside from these levels.”
Justin Chuh, trader at Wave Financial, a digital asset management firm:
- “As we enter unchartered territory, I continue to look at calendar and perpetual futures as price discovery tools. It feels like spot is getting dragged and yanked around by futures traders.”
- previous strong resistance has turned into weak support at $61,000, according to Chuh.
- “We have not added risk at or around these levels and are still determining if and how much to reduce.”
Matt Blom, head of sales and trading at Equos:
- "If Bitcoin carries on trading within its trend channel, then May's all-time high has the potential to register north of $80,000."
- "Bitcoin dances to its own drum. A push up to $70,000 will very likely be met with another 'bitcoin just crashed 20%' moment that draws Peter Schiff out from his gold-plated coffin. Until then, it would appear that things are about to heat up."
- "If profit-takers and bears (are they a thing anymore?) fail to take bitcoin back down below $61,700, then we will be free to focus on price discovery on the upside. $65,000 is the first hurdle, and then it's all-eyes on the next big target: $70,000."
- "On the downside, a move down through support at $61,700 will dampen the mood. $58,820 will cap off any downside action as the market will look to cement that level as the lower bound of any future trading range."
Edward Moya, senior market analyst, Oanda:
- "Bitcoin mania is running wild as the Coinbase [initial public offering] is generating a new wave of retail and institutional excitement. The question on everyone’s mind is will Wednesday start of trade for Coinbase trigger a selling event. Some brokers will allow leveraged trading of the Coinbase IPO but there will probably be limited ability to short."
- "If bitcoin can hang onto the $60,000 level after the Coinbase debut, bullish momentum could target the $75,000 level."
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