This is when Bitcoin can reach a new all-time high
Bitcoin (BTC) has struggled to break through the crucial $30,000 price level in recent weeks, despite receiving renewed support from factors such as the US banking crisis.
As the first cryptocurrency experiences a weak performance, market analysts are closely monitoring its next price trajectory, especially regarding the next record high.
Especially a renowned pseudonymous cryptanalyst El_crypto_profwho took to Twitter on May 13, proposed that Bitcoin’s price action follows a pattern of higher highs and higher lows that often leads to a parabolic rally. This means that as the cryptocurrency’s value increases, it tends to rise even faster, resulting in exponential growth.
Based on this pattern, the analyst suggested that Bitcoin could reach a new all-time high before 2025. This is because the cryptocurrency has consistently shown a series of higher lows in recent months, which could indicate that it is on its way to establishing a new higher high.
Bitcoin’s next all-time high
Besides the historical chart pattern trends, Bitcoin is also relying on factors such as the upcoming halving and possible regulatory clarity as a potential basis for a new all-time high. The most recent record was at the end of 2021, when the asset peaked at nearly $69,000.
It is worth noting that Bitcoin has not been able to sustain gains above the $30,000 level since mid-April. As of May 12, the cryptocurrency saw its lowest trading level since mid-March, falling below $27,000 due to ongoing volatility fueled by low liquidity in the cryptocurrency markets.
The renewed losses in Bitcoin can also be attributed to the increased regulatory scrutiny in the industry. Recently, Bitcoin miner Marathon Digital received a subpoena from the US Securities and Exchange Commission (SEC), raising concerns about potential violations of federal securities laws through related party transactions. This development has created uncertainty for the listed mining company.
As Bitcoin looks set to regain a new record high, the crypto community is predicting a possible price decline in the coming weeks. According to the Finbold report, a crypto community predicted with 82% historical accuracy that Bitcoin would likely fall and trade at $24,753 on May 31.
Bitcoin price analysis
At press time, Bitcoin was trading at $26,801, reflecting a modest daily gain of around 1.6%. However, the cryptocurrency has fallen by nearly 7% on the weekly.
A look at Bitcoin’s technical analysis shows a bearish sentiment prevailing. According to a review of one-day meters taken from TradingView, the recommended sentiment is “sell” at 11. The moving averages indicate a “sell” sentiment at 9, while the oscillators are neutral at 8.
Meanwhile, Bitcoin is trying to break the $27,000 support level, potentially creating room for the cryptocurrency to regain the $30,000 level.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
