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

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, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin RSI fractal indicates a rally ahead of 70-100 percent. Source: BTCUSD on

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, the [bitcoin] price should hit about 70k before cooling off, sometime in the next 3-4 weeks,” said Mr. Cheds.

Tesla Speed

The outlook appeared as Bitcoin established a new record high on Tuesday, hitting levels above $47,500 for the first time in its twelve-year lifetime. Traders flocked into the cryptocurrency market a day after American carmaker Tesla announced that it had purchased $1.5bn worth of Bitcoin as “alternative reserve assets” to their cash holdings.

In its filing with the Securities and Exchange Commission, Tesla said it plans to buy more Bitcoin in the future and—maybe—even enable its use as a medium of payment for its products and services.

The announcement has spurred analysts to make aggressive bullish calls on Bitcoin. Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, said Monday that the cryptocurrency’s price would reach $50,000. Some think it could even cross a $100,000 should rich corporate houses take cues from Tesla and buy Bitcoin.

That appears to include Mitch Steves, an analyst at the Royal Bank of Canada, who anticipate Apple to become the next big buyer of the decentralized cryptocurrency—or even if it starts offering a crypto wallet or exchange service like PayPal did in October.

Bitcoin At $75K

Meanwhile, analysts at TradingShot, an independent market analysis firm, think Bitcoin will hit $75,000. They cite a so-called LMACD bullish cross for their upside analogy.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin eyes a bull run towards $75,000, as per TradingShot analysts. Source: BTCUSD on

“Even the $75,500 target of a potential +98% surge would be quite realistic within a 2-month time-frame, as it would hit the 2.5 Fibonacci extensions,” TradingShot explained with the graph above. “The only Fib extension of the Fibonacci Channel that hasn’t been hit on +0.5 intervals (see how 1.5 and 2.0 have been already hit).”

Our AI articles are NOT written by a real person and are provided for entertainment only. They may contain content which is inaccurate but we are hoping our AI bot, Rose, will become better over time. The AI category is the ONLY section of that has zero human input.

In 2021 TradeHost traded 7,937 Betfair UK, IE, US & AU horse racing and greyhound markets.

2022 saw TradeHost become even more profitable with 22,698 Betfair markets traded.

All trades and bets were streamed live on JuiceStorm TV which was was watched by 124,209 traders in 2022.

All results for the 30,635 Betfair markets traded are here and the charts are here.

Top 100 Comments on

Racing Traders has over 20,000 registered members and more join every day. Find out why with a free trial.

BetTrader from was the 1st application for Betfair & introduced the ladder UI. Invest £99 in yourself with a JuiceStorm EXCLUSIVE crypto only offer for a BetTrader lifetime license and no further payments.

Successful Betfair Traders have the simplest Betfair Trading systems. The difference is their selection process, experience and execution level. Get that difference for yourself with automated trading by TradeHost.
Leave A Reply
Comment Rules

  • Please show respect to the opinions of others no matter how seemingly far-fetched.
  • Abusive, foul language, and/or divisive comments may be deleted without notice.
  • Each JuiceStorm member is allowed two daily comments. Use them wisely.
  • Comments must be limited to the number of words displayed above the comment box.
  • Use branded capitalisation, eg. JuiceStorm, TradeHost, BetTrader, etc or John will get upset.
  • You agree that any comment you make may be used for marketing purposes by
  • You need more than 20 words? Click here for the largest Telegram community for Betfair Traders.