Bitcoin Chartists See Price Hitting $70,000 After Tesla Crypto Purchase

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Calls for a $70,000 Bitcoin is picking momentum among technical market analysts as the cryptocurrency makes way into Tesla’s balance sheets. Cheds, an independent cryptocurrency analyst who enjoys a massive following on Twitter, saw the BTC/USD exchange rate rising by at least 70 percent in the coming sessions. “Just an observation,” he said while citing a fractal-like Relative Strength Indicator for his bullish analogy, adding that whenever the indicator enters into a “power zone,” it sends the Bitcoin prices higher. Bitcoin RSI fractal indicates a rally ahead of 70-100 percent. Source: BTCUSD on TradingView.com The “zone” represents the overbought areas in the chart above. An RSI reading above 70 shows Bitcoin in an exceeding valuation area that typically amounts to a sell-off. However, in the last two breakouts above 70, the cryptocurrency overstayed its welcome above 70, which led the spot price higher by 70-100 percent. “Based on this theory,…

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