Bitcoin (BTC) Price Downtrend Ending Soon, New ATH Soon?
Highlights
- Charts shows the recent Bitcoin bounce back after the US CPI data puts an end to the downtrend.
- As long as Bitcoin sustains $60,000 support, it can continue rally to new ATH.
- Analysts say the bull market is not over and we are at the start of a new uptrend.
Following the release of the US CPI data on Wednesday, Bitcoin experienced a notable surge, climbing by 6% and surpassing the $66,000 mark earlier today. At present, BTC is trading at $65,780, boasting a market capitalization of $1.295 trillion. Today’s upward movement has proven significant, as Bitcoin breached the critical resistance level of $64,000, potentially paving the way for a further rally towards new all-time highs
Bitcoin Downtrend Is Over
Popular crypto analyst Rekt Capital reported that the Bitcoin downtrend is reportedly over amid the current breakout.
The Daily Downtrend is over$BTC #Crypto #Bitcoin https://t.co/AVclqWhifB pic.twitter.com/nMx0fqz4jf
— Rekt Capital (@rektcapital) May 15, 2024
“The Bitcoin Bull Market is not over. But time and time again, the market will try to shake you out of your positions before you are able to profit significantly from them”, added Rekt Capital.
Rekt Capital also stated that Bitcoin is displaying initial indications of diminishing sell-side momentum, manifesting a gradual curl around the $60,000 support level. Sustained support around $60,000 is crucial for this trend to evolve further and potentially initiate an upward movement. “BTC’s current breakout to $66,000 just shows that it doesn’t take much to turn it all around,” he noted.
BTC Preparing for New All-Time High?
Popular market analyst Peter Brandt stated that the Bitcoin price is very much on its way to a new all-time high level. To attain this, BTC must give a decisive breakout above $67,000 with strong bullish action.
I have shown this chart many times in the past in slightly different iterations and it remains my preferred interpretation $BTC pic.twitter.com/dr47wYBsw3
— Peter Brandt (@PeterLBrandt) May 15, 2024
On the other hand, popular market analyst Alex Kruger points out several indicators that are positive for Bitcoin going ahead. Alex noted: “Stocks are at all-time highs. Long rates topped. Dollar, topped as well. Bitcoin is at 66K. The world economy is growing. Powell is dovish. Central banks are about to start cutting rates. QT tapering is about to start”.
Crypto analyst Michael van de Poppe has observed Bitcoin’s resilience in maintaining support at the $60.5K range, indicating a significant development in the market.
According to van de Poppe’s analysis, Bitcoin has recently experienced an upward breakout, suggesting an imminent period of stability and potential growth. Van de Poppe further predicts that this period of calm in the Bitcoin market will likely coincide with accelerated growth in altcoins.
Clearly, #Bitcoin has held range low strongly at $60.5K.
The breakout upwards took place, through which a calm, upwards period seems inevitable.
This period is where I think #Altcoins will start to accelerate, as confidence comes back into the markets. pic.twitter.com/t3qeJ905W3
— Michaël van de Poppe (@CryptoMichNL) May 16, 2024
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