Will Bitcoin (BTC) Price Hit New ATH by May End?

The post Will Bitcoin (BTC) Price Hit New ATH by May End? appeared first on Coinpedia Fintech News

Bitcoin is trading above $64,000, showing a solid uptick of 4.3% in the last 24 hours and 3% in the past week. This surge hints at a potential end to Bitcoin’s recent corrective phase, sparking optimism among investors.

Ethereum follows suit, up by 2% in the last 24 hours, though down by 2.36% over the past seven days. Despite this, it is hovering around $2,950, which is notably 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 a bullish sentiment across the market.

Bitcoin Price Eyes New ATH

Crypto analyst Crypto Jebb has been tracking a significant pattern for weeks—an inverse head-and-shoulder formation. This pattern typically suggests a bullish breakout, with a target price 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 flipped, reversing the previous downtrend.

Drawing the price target above the current all-time high suggests the possibility of surpassing previous records. However, caution is warranted as resistance levels could impede a full-price target fulfillment. The breakout point remains uncertain, but the pattern’s completion suggests a potential upward movement shortly.

Various outcomes are conceivable post-breakout, ranging from a retest of the previous all-time high at $69,000 to a rally toward the current peak of $73,800. Alternatively, a complete fulfillment of the inverse Head and Shoulders pattern could propel Bitcoin to $75,000, surpassing previous highs and potentially signaling a broader market rally toward $100,000. The MACD on the daily chart is turning bullish, indicating a resurgence of bullish sentiment.