When will Bitcoin break $70,000...Analyst "48% rally likely"

▲ Bitcoin (BTC)

Bitcoin (BTC), which temporarily touched the $69,900 mark after the release of the U.S. Consumer Price Index (CPI), fell back on Wednesday (local time) as the U.S. Federal Reserve (Fed) became more hawkish.

Cryptocurrency news outlet Cointelegraph reported that $69,000 is a critical point in terms of breaking out of the range.

Trading platform Material Indicators has suggested that whale forces could be playing a role in bitcoin's price volatility. "The complete retreat of the bitcoin price to pre-CPI release levels is evidence that the whale forces' movements are reflected in the price action," he said on X (formerly Twitter).

He also pointed to $69,000 as an important area for Bitcoin price support, saying, "$69,000 will validate the price transition. Until then, it will trade in a limited range."

But the analyst, who goes by the pseudonym Altcoin Sherpa, has a bullish outlook for the year, predicting a rally of at least 48% from this year's trading price.

According to the daily issues, he wrote: "Bitcoin has formed a price range between $56,000 and the all-time high of $73,600. Any price movement between $56,000 and $73,600 is largely insignificant."

According to the publication, he argued.

Analyzing Bitcoin's short-term outlook, he noted that the 200-day exponential moving average (EMA) on the 4-hour chart is a key point that will determine the direction of Bitcoin's price. "If it breaks above the 200-day EMA, it will act as support. On the flip side, if it fails to break through, the 200-day EMA will act as resistance."