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On May 15, following the US CPI data, Bitcoin (BTC) saw a significant price surge, rising over 6% and surpassing $66,000. As of the latest update, BTC is trading at $65,780 with a market cap of $1.295 trillion. This recent price spike indicates a significant breakout above the $64,000 resistance level, potentially paving the way for further rallies and reaching all-time highs, according to analysts.
Downtrend Ends But High Volatility Remains
Experienced crypto analyst Rekt Capital noted that the current breakout indicates the end of Bitcoin’s downtrend. Addressing investors, the analyst warned of high volatility, stating, “The Bitcoin bull market is not over, but the market will repeatedly try to shake you out of your positions before you can significantly profit.”
Rekt Capital also emphasized signs of reduced selling momentum, as evidenced by Bitcoin’s strong support around $60,000. Maintaining this support level is crucial for the continuation of the upward trend and potentially triggering further upward movement. Additionally, the analyst highlighted that Bitcoin’s recent rise to $66,000 demonstrates how quickly market dynamics can change.
Experts’ Bitcoin Comments
Renowned analyst Peter Brandt, known for his over 40 years of experience in financial markets, expressed optimism about Bitcoin’s trajectory, suggesting that the largest cryptocurrency is on its way to reaching an all-time high. He stressed that for this to happen, BTC needs to break strongly above $67,000 with robust upward momentum. Brandt’s perspective aligns with other market sentiments indicating positive signs for Bitcoin’s future performance.
Another well-known market analyst, Alex Kruger, identified various favorable factors for Bitcoin. Kruger stated, “Stocks are at all-time highs. Long-term interest rates are peaking. The dollar has peaked. Bitcoin is at $66,000. The world economy is growing. Powell is dovish. Central banks are about to start lowering rates. QT tapering is about to begin,” emphasizing that all these factors create a supportive environment for Bitcoin’s growth.
Meanwhile, crypto analyst Michael van de Poppe pointed to Bitcoin’s strength in maintaining support around the $60,500 range, considering it a significant market development. Van de Poppe’s analysis suggests that Bitcoin’s recent upward breakout indicates an upcoming period of stability and potential growth. He predicts that this stability in the Bitcoin market will likely be accompanied by accelerated growth in altcoins.
