Bitcoin
Will Bitcoin (BTC) price reach a new ATH by the end of May?
Bitcoin is trading above $64,000, showing a solid increase of 4.3% in the last 24 hours and 3% in the last week. This increase suggests a potential end to Bitcoin’s recent corrective phase, sparking optimism among investors.
Ethereum follows suit, rising 2% in the last 24 hours, although it is down 2.36% in the last seven days. Despite this, it is hovering around $2,950, which is remarkably promising. Binance and Solana are also rising, with gains of 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 Aims for 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 pattern involves a left shoulder, a deeper head and a right shoulder, forming a neckline. Unlike the conventional head and shoulders formation, this one is inverted, reversing the previous downtrend.
Placing the price target above the current all-time high suggests the possibility of surpassing previous records. However, caution is required as resistance levels may prevent the full price target from being met. The breakout point remains uncertain, but the completion of the pattern suggests a potential upward move soon.
Various outcomes are conceivable following the breakout, from a retest of the previous all-time high of $69,000 to a rally toward the current peak of $73,800. Alternatively, a full fulfillment of the inverse Head and Shoulders pattern could propel Bitcoin towards $75,000, surpassing previous highs and potentially signaling a broader market recovery towards $100,000. The MACD on the daily chart is turning bullish, indicating a resurgence in bullish sentiment.