Many Bitcoin Analysts Call For Rally Beyond $70,000; Here’s Why

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Bitcoin traders and analysts are sticking to their conviction that the cryptocurrency’s price will hit at least $70,000 in the coming sessions. At the core of their upside outlook lies a classic technical indicator. Dubbed as Ascending Triangle, the pattern forms when an asset forms two or more rising troughs and almost equal highs in conjugation. The trendlines connecting these dots converge as the price rises, making it appear like a rising triangle. Bitcoin Bullish Structure? Check. Bitcoin ticks almost all boxes when it comes to confirming that it is forming an Ascending Triangle. The cryptocurrency’s two-month-old structure prompted it to test levels around $60,000 repeatedly as resistance. Meanwhile, the price kept rising while treating a rising trendline as support. The only link missing is a breakout to the upside. “When this breaks above $60,000 with conviction, don’t stand in the way,” one analyst proclaimed on Twitter. Bitcoin bullish triangle…

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