Fintech
Will the price of Bitcoin (BTC) reach a new high by the end of May?
Bitcoin is trading above $64,000, showing a solid rise of 4.3% in the last 24 hours and 3% in the last week. This surge suggests a potential end to Bitcoin’s recent corrective phase, sparking optimism among investors.
Ethereum follows suit, up 2% over the past 24 hours, though down 2.36% over the past seven days. Despite this, it is hovering around $2,950, which is particularly promising. Binance and Solana also rose, gaining 5% and $151 respectively. Other altcoins, such as TON Coin, Cardano, Dogecoin, and Shiba Inu, are experiencing varying degrees of positive movement, indicating bullish sentiment across the market.
Bitcoin price points to new ATH
Crypto analyst Crypto Jebb has been tracking a significant pattern for weeks: an inverse head and shoulders formation. This pattern typically suggests a bullish breakout, with a price target of around $70,000. The anatomy of this model includes a left shoulder, a deeper head and a right shoulder, which form a neckline. Unlike the conventional head and shoulders formation, this one is reversed, reversing the previous downward trend.
Taking the price target above the current all-time high suggests the possibility of breaking previous records. However, caution is needed as resistance levels may prevent the full price target from being reached. The breakout point remains uncertain, but the completion of the pattern suggests a potential upside move soon.
Various outcomes are possible after the breakout, ranging from a retest of the previous all-time high of $69,000 to a rally towards the current peak of $73,800. Alternatively, the complete fulfillment of the Head and Shoulders inverse pattern could push Bitcoin to $75,000, surpassing previous highs and potentially signaling a broader market rally towards $100,000. The MACD on the daily chart is turning bullish, indicating a resurgence of bullish sentiment.