Trader: Bitcoin Will Inevitably Breeze Past $70,000—Here’s Why

Dalmas Ngetich

Last Updated: June 11, 2024 11:49 am

2 mins read

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Taking to X on November 22, crypto chartist @MortensenBach presented a bullish outlook for Bitcoin (BTC), predicting that not only will the coin breeze past $70,000 in the coming months, but it will set a new all-time high, fanning demand for stocks of Bitcoin mining companies like Riot Blockchain, Marathon Digital, and the rest.

Bitcoin Trading Above The 20-Period MA In The Monthly Chart

The chartist pointed to Bitcoin’s historical tendency to launch parabolic advances following decisive breaks above its 20-month simple moving average (20 SMA) in the monthly chart. As of late November 2023, Bitcoin has been firm.

Bitcoin trends above the 20-period MA | Source: @MortensenBach on X

As evidenced in the monthly chart, buyers build on gains recorded in October when prices shook off losses and increased. This upswing was triggered by broader market optimism, which supported crypto prices.

With prices now trending firmly above the dynamic reaction line in the monthly chart, the trader believes a bull market is on the cards, and Bitcoin is set for more gains in the coming sessions. Besides the break above the 20-month MA, the analyst notes a growing bullish momentum, according to MACD, a technical indicator.

Still, it should be noted that, despite the analyst’s optimism, technical indicators in use, the MACD and MA, lag. Accordingly, there is no guarantee that prices will edge higher, rising from spot levels to nearly double above $70,000 in 2024 and months ahead. As of November 23, BTC prices are firm above $37,000 and more than 2X from November 2022 lows when prices plunged below $16,000.

Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView

Moreover, it is yet to be seen how stocks of Bitcoin mining companies like Riot Blockchain will perform in the next stage after halving. However, historical performances show their stock tends to rally in lockstep with spot BTC prices.

Whales Are Accumulating, Will BTC Surge?

Even so, @MortensenBach’s preview analysis ties closely to on-chain insights relayed by CryptoQuant, a blockchain analytics platform. According to data, more whales are moving their BTC from exchanges in large tranches.

Whales accumulating BTC | Source: CryptoQuant

With big players showing confidence and backing Bitcoin, it could suggest that they expect prices to edge higher. This outlook if further buoyed by developing fundamental factors, including regulatory action and general investor sentiment.

Bitcoin prices shook off the effect of the United States Department of Justice’s ruling on Binance. Though prices slightly dipped below $37,000, bulls are back, and the coin is trending above $37,000. The market is tracking the Securities and Exchange Commission (SEC) to approve the first spot Bitcoin ETF in the country.

Feature image from Canva, chart from TradingView

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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