Will Bitcoin (BTC) price hit a new ATH by the end of May?
Bitcoin is trading above $64,000, up 4.3% in the past 24 hours and 3% in the past week. The surge hints that Bitcoin’s recent correction phase may be over, sparking investor optimism.
Ethereum follows closely behind, up 2% in the past 24 hours, but down 2.36% in the past seven days. Still, it is hovering around $2,950, which is very promising. Binance and Solana are also rising, up 5% and $151, respectively.
Other altcoins, such as TON Coin, Cardano, Dogecoin, and Shiba Inu, are experiencing varying degrees of positive moves, indicating bullish sentiment across the market.
Bitcoin price hitting a new ATH?
Crypto analyst Crypto Jebb has been tracking an important pattern for weeks – the inverse head and shoulders pattern. This pattern usually indicates a bullish breakout with a price target of around $70,000.
The anatomy of the pattern involves a left shoulder, a deeper head, and a right shoulder, forming a neckline. Unlike the traditional head and shoulders pattern, this one is inverted, reversing the previous downtrend.
Pulling the price target above the current all-time high suggests the potential to surpass the previous record. However, caution is needed as resistance levels could hinder the achievement of the full price target. The breakout point remains uncertain, but the completion of the pattern suggests an uptrend is likely in the short term.
A variety of outcomes could follow the breakout, from a retest of the previous all-time high of $69,000 to a rally to the current peak of $73,800.
Alternatively, a full realization of the inverse head and shoulders pattern could push Bitcoin to $75,000, surpassing the previous high
and potentially foreshadowing a broader market rally to $100,000. The MACD on the daily chart turned bullish, indicating a resurgence of bullish sentiment.
For more information about the cryptocurrency circle and first-hand cutting-edge information, follow me. Junyangli publishes market analysis and recommends high-quality potential currencies every day.
