Bitcoin (BTC) is showing signs of a recovery from its recent plummet to just above $60,000. The original cryptocurrency has rallied 1.8% in the daily charts and 3.1% over the previous month. However, BTC is still down by 0.6% in the weekly charts and 5.2% in the 14-day charts. BTC’s latest recovery could be due to its halving event, which took place on Apr. 20, 2024.
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With the halving complete, BTC could surge to a new all-time high, as predicted by some analysts.
Bitcoin (BTC) predicted to hit a new all-time high
According to Captain Faibik, BTC ‘is forming a bullish flag pattern on the daily timeframe chart.‘ Captain Faibik notes that an upside breakout could lead to a new all-time high of the original cryptocurrency in May.
CoinCodex also paints a bullish picture for Bitcoin (BTC) over the next few weeks. The platform anticipates BTC to hit a new all-time high later this week, reaching $74,594 on Apr. 26, 2024. Reaching $74,594 from current levels would translate to a growth of about 12.71%.
Furthermore, CoinCodex anticipates Bitcoin (BTC) to continue rallying in May, reaching $86,416 on May 19, 2024. Hitting $86,416 from current price levels would translate to a growth of about 30.57%.
Changelly also predicts a bullish trajectory for BTC. The platform expects BTC to hit a new all-time high of $74,069 on Apr. 26, 2024. Furthermore, the platform anticipates BTC to reach $84,941 by May 17, 2024.
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If Bitcoin (BTC) can maintain its price above $80,000, we may witness another rally, taking the original crypto to over $100,000. However, with the Federal Reserve postponing its interest rate cut plans, investors may become weary of risky assets, such as cryptocurrencies.