After several weeks of a proper correction, the main cryptocurrency now seems to be leaving behind this bearish interlude. According to the latest projections from analysts, this fresh wind could well propel Bitcoin to the record highs of $73,000 by the end of May. A prospect that instantly reignites euphoria among bitcoin investors.
A Beneficial Correction Now Fully Integrated
To fully comprehend the significance of this already initiated bullish cycle, it is necessary to look back a few weeks. Between March and April 2024, Bitcoin indeed went through a patch of turbulence with a correction of nearly 22%. During this period, prices fell sharply, dropping from the year’s peak of $72,756 to a low of $56,500.
Far from being trivial, this downward movement was analyzed as an essential breathing space after the spirited bullish surges of the previous months. Inevitable and even beneficial, according to many experts, this consolidation of bitcoin was seen as an opportunity to reassure investors and to shed some of the speculative fever before moving forward.
A Signal of Bitcoin’s Revival
This breathing spell now seems to be completely integrated if the recent signals are anything to go by. According to technical analysis experts, all the indicators have indeed turned green again to allow a strong recovery of the bullish trajectory. The first triggering element, Bitcoin has firmly reestablished itself above the 50% retracement level, a major resistance zone.
Even better, the trend further strengthened with the surpassing of the bearish channel in which BTC had been moving for a month. A typical configuration of a “bullish continuation pattern” after a brief pause in the fundamental movement. Analysts also rely on the crossing of key moving averages at 20 and 50 days, an additional factor for acceleration.
An impressive new demonstration of the stratospheric strength of Bitcoin. In this context, it’s difficult not to get swept away by a wind of unfettered optimism. Bullish targets are already multiplying, with intermediary goals set at $67,450 and then $73,380 for the most daring! A projection that could materialize as early as May.
Maximize your Cointribune experience with our ‘Read to Earn’ program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.
