Bitcoin finds itself at a pivotal juncture, with its recent return to the $60,000 range sparking speculation about its trajectory for the remainder of the year. Despite a brief dip to $56,000, its resilience has reignited optimism among traders, with many anticipating a surge beyond $74,000 in the coming weeks.
Drawing on Elliot impulse waves, a popular tool among crypto analysts, one analyst, known as TechDev, shared insights on social media with a sizable following of over 448,000. Examining the BTC/US Dollar 2D timeframe, TechDev highlights a pattern of upward momentum since May 2023, with the recent correction from its all-time high of $73,780 marking the fourth impulse wave, typically viewed as a corrective phase. However, with Bitcoin bouncing back from $56,800, the asset now stands at a critical juncture poised to form its fifth bullish impulse wave, potentially driving prices to $90,000 to $100,000 in the short term, and nearing $150,000 as the projected peak.
TechDev’s analysis draws parallels to the 2020–2021 bull market cycle, where a similar correction during the fourth impulse wave saw Bitcoin drop from $41,000 to $29,000 before rebounding to new highs.
As of the latest update, Bitcoin is trading at $62,003, reflecting a 6% increase in the past 24 hours. The launch of Spot Bitcoin ETFs in the US has sparked renewed interest, with Grayscale’s GBTC witnessing its first day of inflow, totaling $63 million on May 3. This influx of investment has investors hopeful for a potential new bull run.
Another analyst notes Bitcoin’s successful defense against a correction below the 21-day exponential moving average (EMA) and anticipates the next move will involve breaking resistance around $63,488.
In summary, Bitcoin’s recent movements suggest a bullish sentiment among analysts, with projections pointing toward further upward momentum in the near term. However, as with any market, fluctuations are to be expected, and investors will closely monitor key levels and indicators for potential opportunities.
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