As the final days of May drew near, investors and traders grew increasingly concerned about the state of Bitcoin. In retrospect, the cryptocurrency reached an unprecedented high of $73,000 in March, but has since experienced a significant decline, even dropping below $57,000 at one point. Despite this setback, Bitcoin (BTC) has shown signs of a resurgence and may soon reach new milestones. However, despite a brief rise on Monday, May 27, the price of BTC fell to $67,400 following recent events, indicating that it is still 10% away from the $73,000 mark.
Will Bitcoin Rise According to Analysts?
On the flip side, prominent crypto analyst Ali Martinez’s research suggests that BTC may experience an upward movement in the near future. Martinez explained in a post on X on Tuesday, May 28, that a technical analysis of Bitcoin’s daily chart reveals data pointing towards a potential rise in the cryptocurrency’s price.
To make this prediction, Martinez utilized the TD Sequential technical analysis tool, a well-known indicator in the market. This tool examines the past performance of an asset to determine whether a trend reversal or continuation is likely. Martinez specifically studied BTC’s performance over a period of one to four candlesticks.
Van de Poppe’s Bitcoin Commentary
However, another renowned market figure, Michaël van de Poppe, shared a conflicting view on Bitcoin’s price movement in a separate post on X on Tuesday, May 28. According to Van de Poppe’s analysis, Bitcoin faced rejection at a significant resistance level, as it could only sustain the $70,000 region for a brief period before experiencing a drop of over $2,000.
Van de Poppe stated that there is unlikely to be a breakout for BTC in the immediate future following this price movement, and that the $66,000 level will serve as a crucial support zone for Bitcoin.
At the time of writing, Bitcoin is still trading at $68,300. During this period, BTC’s 24-hour trading volume has surpassed $32 billion.
It is important to note that Bitcoin reached an all-time high of $73,000 in March. Analyst Ali Martinez predicts a potential upward movement for BTC, whereas Michaël van de Poppe identifies $66,000 as a critical support zone for the cryptocurrency.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.