Bitcoin to Hit New $100,000 ATH?! Experts Reveal SHOCKING Price Target
Qadir AK16 May 20242 min read
Bitcoin, the trailblazer and king of cryptocurrencies, is making headlines once more as it rockets past the $64,000 threshold. Over the last 24 hours, it has seen a robust 4.3% increase, with a solid 3% rise over the past week. This significant upturn suggests a possible end to Bitcoin’s recent correction phase, igniting hope among investors.
Not to be outshone, Ethereum is also holding its ground amidst the market’s ups and downs. While it has seen a modest 2% uptick in the past 24 hours, it experienced a slight 2.36% dip over the last seven days. However, hovering around $2,950, Ethereum’s resilience is certainly promising. Joining the upward momentum are Binance and Solana, boasting gains of 5% and $151, respectively.
Altcoins Join the Rally
It’s not just Bitcoin and Ethereum leading the charge; altcoins are also joining the rally with positive movements. TON Coin, Cardano, Dogecoin, and Shiba Inu are all showing varying degrees of upward momentum, indicating a bullish sentiment prevailing across the market.
Analyst Remain Bullish
Crypto analyst Crypto Jebb has been closely tracking a significant pattern—an inverse head-and-shoulder formation. Typically signaling a bullish breakout, this pattern sets a target price of around $70,000. With its distinct anatomy featuring a left shoulder, a deeper head, and a right shoulder forming a neckline, this pattern suggests a reversal of the previous downtrend.
While aiming above the current all-time high raises hopes of surpassing previous records, caution is advised. Resistance levels could present obstacles to reaching the full price target. Nevertheless, completion of the inverse Head and Shoulders pattern hints at potential upward movement in the near term.
Where is the Price Headed?
The post-breakout scenario offers several potential trajectories, ranging from a retest of the previous all-time high at $69,000 to a rally towards the current peak of $73,800. Alternatively, a full fulfillment of the pattern could propel Bitcoin to $75,000, surpassing previous highs and potentially signaling a broader market rally towards $100,000.
Adding weight to the optimistic outlook is the MACD on the daily chart, which is turning bullish. This indicator suggests a resurgence of bullish sentiment, further fueling anticipation for potential upward movement in the market.
