Is Bitcoin on track to set a new historical record with its recent upward trajectory? A well-known analyst has made a prediction about the next local top of the largest cryptocurrency, suggesting that BTC’s price is heading towards new heights and could soon reach a new all-time high.
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, thereby establishing a new historical record.
“Based on MVRV price ranges, if Bitcoin continues to trade above $65,125, the next local top for BTC before a brief correction could be around $77,593!” Martinez wrote.
The highest price ever paid for Bitcoin was $73,737.94, recorded on March 14. At the time of this article’s publication, the Bitcoin price was quoted at $69,621.43, experiencing a 2.1% decrease in the last 24 hours. The current price of Bitcoin is 5.57% below its historical peak.
Martinez also emphasized that the largest cryptocurrency is currently facing minimal resistance. “Bitcoin meets 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 has reached a six-week price high, driven by Ethereum’s recent bullish rally and the anticipation of the US Securities and Exchange Commission (SEC) approving exchange-traded funds (ETFs) in the near future.
According to analysis from the Santiment platform on May 20, Bitcoin saw a price surge, reaching $71,400 for the first time in six weeks. The analysis focused on the price movement of the largest cryptocurrency during Ethereum’s rally.
The approval of an Ethereum ETF could potentially boost Bitcoin to a new all-time high. The broader cryptocurrency market has experienced significant growth since May 20, particularly following Ethereum’s rapid appreciation. This surge was fueled by positive updates regarding the potential approval of Ethereum Spot ETFs by the SEC. Bitcoin tested the $71,000 zone during this recent price surge.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
Editor’s Choice: This news has the potential to trigger a new bullish rally for Bitcoin.