Following the CPI data from the USA on May 15, #Bitcoin (BTC) made a significant price increase, rising over 6 percent and exceeding 66 thousand dollars. As of the last update, BTC is trading at $65,780 and has a market value of $1.295 trillion. This latest move in the price signals a significant break above the $64,000 resistance level, paving the way for further rallies, potentially reaching a new all-time high.
Downtrend Is Over, But Beware of High Volatility
Experienced cryptocurrency analyst Rekt Capital stated that the current breakout shows that Bitcoin's downward trend has ended. Addressing investors, the analyst said, "The Bitcoin bull market is not over, but the market will repeatedly try to force you out of your positions before you can make a significant profit from it." He warned of high volatility.
Rekt Capital also emphasized that there are signs of waning momentum on the sell side, as evidenced by Bitcoin's strong support around $60,000. Maintaining this support level is vital for the uptrend to continue and potentially trigger further upside movement. Moreover, the analyst emphasized that BTC's recent rise to $66,000 shows how quickly market dynamics can change.
Experts' Comments on Bitcoin
Famous analyst Peter Brandt, known for over 40 years of experience in financial markets, expressed optimism about the course of Bitcoin and suggested that the largest cryptocurrency is on its way to reach an all-time high. He underlined that for this to happen, BTC must make a strong break above $67,000 with a strong upward momentum. Brandt's perspective parallels other market sentiment that points to positive indicators for Bitcoin's future performance.
Alex Kruger, another well-known market analyst, identified several factors that are favorable for Bitcoin. Kruger said, "Stocks are at an all-time high. Long-term interest rates are at their peak. The dollar has also reached its peak. Bitcoin is at 66 thousand levels. The world economy is growing. Powell is dovish. Central banks are about to start reducing interest rates. QT tapering is about to begin." He underlined that all of these provide a supportive environment for Bitcoin to grow.
Meanwhile, crypto analyst Michael van de Poppe pointed out Bitcoin's strength in maintaining support in the $60,500 range and interpreted this as an important market development. Van de Poppe's analysis suggests that Bitcoin's recent uptrend points to an upcoming period of stability and potential growth. He predicts that this stability in the Bitcoin market will likely be accompanied by accelerated growth in altcoins.
