On Sunday, May 19, the BTC price managed to return to one of the peak points it hadn’t reached in a long time. At the time of writing, Bitcoin (BTC) is trading at $67,204. In the last 24 hours, it peaked at $67,400. So, what are the predictions for the future? What awaits cryptocurrencies?
Bitcoin (BTC)
Bitcoin (BTC) price is just below the key resistance of $67,500 and is now at a decision point. Bitcoin‘s price has increased by over 10% in the last four days, initiating a strong recovery movement. Additionally, the recent reversal has formed an inverse head and shoulders pattern, indicating that BTC is already on an upward trend.
According to this pattern, the golden ratio resistance is at $67,500, and a break above this level could accelerate the short-term uptrend. The ultimate goal is to surpass the $73,777 resistance and set a new all-time high. Exponential Moving Averages (EMAs) are forming a golden cross. Additionally, the MACD indicator is signaling the continuation of the uptrend.
Depending on the direction BTC takes, the rest of the cryptocurrencies will also determine their direction. Altcoins are watching Bitcoin for a strong breakout and continue to linger at attractive entry levels. Risk appetite is weak because BTC has often ended such attempts in failure. However, unlike the challenging bear market we left behind, the trend is upward, so hope prevails.
Bitcoin (BTC) Predictions
Contrary to the bullish reading on the daily chart, there is no strong optimism regarding the short-term price movement on the four-hour chart. According to this, there will be a rejection at $67,500, and BTC will start a rapid decline. For now, BTC, which has risen to $67,400, is retreating towards $67,000.
The reason for this is that the RSI is showing a downward trend, and the MACD lines confirm the downward trend. If a decline starts, the target here will be for the Bitcoin price to retreat to $63,280. Closures below the $65,000 level will encourage bears, and the price could see strong sales down to $60,000.
The main reason investors are not very bold in altcoins is that double-digit losses can occur very easily with a possible BTC decline. Perhaps BTC should linger at $67,000 for a while and convince investors.
