As the last days of May approached, Bitcoin continued to worry investors and traders. Looking back, it reached an all-time high (ATH) of $73,000 in March, followed by a clear decline, even dropping below $57,000 at one point. Despite this, Bitcoin (BTC) started to rise again and could reach new records. However, despite the rise on Monday, May 27, BTC price fell to $67,400 after last night’s events, showing it is still 10% away from the $73,000 level.
Will Bitcoin Rise According to Analysts?
On the other hand, according to research by leading crypto analyst Ali Martinez, the recent outlook of BTC suggests that the next price movement could be upward.
Martinez stated in a post on X on Tuesday, May 28, that the technical analysis (TA) of Bitcoin’s daily chart contains data indicating a potential upward movement in the cryptocurrency.
The famous analyst used the TD Sequential technical analysis tool, one of the well-known indicators in the market, to predict Bitcoin’s future price movements in 2024.
To explain what TD Sequential is, it can be seen as an indicator that analyzes the past performance of the asset under review to determine whether there will be a trend reversal or if the existing trend will reverse. Martinez stated that in this case, BTC was examined for a period of one to four candlesticks.
Van de Poppe’s Bitcoin Commentary
On the other hand, in another X post shared by another well-known market figure, Michaël van de Poppe, on Tuesday, May 28, the analyst’s view on Bitcoin price movement conflicted with Martinez’s.
According to Van de Poppe’s analysis, Bitcoin was rejected at a significant resistance level because it could only hold the $70,000 region for a short time during its price movement on Monday, followed by a drop of over $2,000.
He stated that there would be no breakout for BTC in the near future after a price movement and that the $66,000 level would serve as an important support zone for Bitcoin.
On the other hand, Bitcoin continues to trade at $68,300 as of the time of writing. During this period, BTC’s 24-hour trading volume also exceeded $32 billion.
