Bitcoin analysis deemed mostly irrelevant, only a $70K breakout holds significance

Bitcoin price analysts are closely examining charts, but one expert believes it is pointless until the cryptocurrency approaches its all-time high again. Mati Greenspan, the founder of Quantum Economics, explained that analyzing the charts is futile until there is a breakout. He stated that there is a wide range between $50,000 and $70,000, and anything that happens within that range is not significant. Currently, Bitcoin is trading at around $65,585, at the upper end of the range. Analysts predict that a 6.7% increase will push it to $70,000, and some believe this is on the horizon. Within the past week, traders have observed an inverse head-and-shoulders pattern, signaling a breakout and easing the downtrend in Bitcoin’s price. Pseudonymous traders Yoddha and Steph Is Crypto have both mentioned this pattern and set a price target of approximately $75.2K. However, readers are advised to conduct their own research and make their own investment decisions as every move involves risk.