Bitcoin Sets New Historical Record on Upward Trajectory
Is Bitcoin charting a new historical record on its recent upward trajectory? A well-known analyst has shared a prediction about the next local top of the largest cryptocurrency on the market, suggesting that BTC is heading towards new price highs and could soon reach a new all-time high (ATH).
According to cryptocurrency expert Ali Martinez, in a technical analysis shared on May 22, if Bitcoin continues to trade above the $65,125 price range, the cryptocurrency could reach its local top at around $77,000, thus establishing a new historical record.
“Based on the MVRV Pricing Bands, if Bitcoin continues to trade above $65,125, the next local top for BTC before a brief correction could be around $77,593!” he wrote.
The highest price ever paid for Bitcoin (BTC) was $73,737.94, recorded on March 14. At the time of publication, the Bitcoin price was quoted at $69,621.43, down 2.1% in the last 24 hours. The current price of Bitcoin is 5.57% away from its historical peak.
Martinez also highlighted that currently, the largest cryptocurrency on the market is facing minimal resistance. “Bitcoin encounters minimal resistance! The main supply zone to watch is between $70,180 and $70,600, where over 450,000 addresses purchased 273,000 BTC. With strong support levels, the odds are in the bulls’ favor!”
Bitcoin Hits Six-Week Price High; Will Ethereum ETF Boost Bitcoin’s New ATH?
Bitcoin (BTC) has reached a six-week price high, driven by Ethereum’s recent bull rally amid expectations of approval for exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) in the coming days.
According to an analysis by the Santiment platform on May 20, Bitcoin experienced a price jump, reaching $71,400 for the first time in six weeks. The analysis examined the price action of the largest cryptocurrency on the market during the Ethereum rally.
Will the approval of an Ethereum ETF drive Bitcoin’s new record high? The broader cryptocurrency market has seen a significant increase since May 20, especially following the rapid appreciation of Ethereum. This sudden move was fueled by optimistic updates regarding the potential approval of Ethereum Spot ETFs by the SEC. Bitcoin tested the $71,000 zone during the recent price surge.
Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice: This news could trigger a new bullish rally for Bitcoin. Details
