Bitcoin Expects to Reach $65,000 Next Month, Fractal Analyst Claims

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Bitcoin’s run-up to its all-time high above $50,000 this week has prompted a data analysis firm to predict further upside valuations for the cryptocurrency. TradingShot, an independent trading management firm, wrote in its latest note to followers that it sees the BTC/USD exchange rate at $65,000 by next month. And, if the trend persists, the pair could extend its upside move to as high as $70,000 within the same timeframe. At the core of TradingShot’s analysis lies a technical fractal—a so-called Fibonacci Channel that was instrumental in predicting the Bitcoin price patterns last year. The firm applied the same forecasting model to determine the cryptocurrency’s next potential move, coming with analogies that appeared overly bullish. That Bullish Bitcoin Fractal Of late, Bitcoin tends to move inside the Fibonacci Channel’s ranges that act as supports and resistances. At TradingShot’s discretion, these ranges are drawn using the following lines: 0, 0.382, 0.5,…

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