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 suggests that Bitcoin's recent correction phase may be over, sparking optimism among investors.
Ethereum is not far 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 Hits New ATH
Crypto analyst Crypto Jebb has been tracking an important pattern for weeks - an 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 the neckline. Unlike the traditional head and shoulders pattern, this one is inverted, reversing the previous downtrend.
Pulling a price target above the current all-time high suggests the potential to surpass previous records. However, caution is needed as resistance levels could hinder the achievement of full price targets. 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, ranging 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 has turned bullish, indicating renewed bullish sentiment.
