In the final stretch of May, the world’s premier cryptocurrency has also been the one to keep investors and traders nearest to the edge of their seats.
Indeed, after hitting a new all-time high (ATH) near $73,000 in March and substantially declining afterward – below $57,000 at one point – Bitcoin (BTC) finally again appeared poised to reach for new records.
Still, after a climb on Monday, May 27 appeared to be heralding a breakout, BTC again entered into a decline that ensured Bitcoin price today stands at $67,992 – substantially below the hoped-for highs close to $73,000.
BTC 7-day price chart. Source: Finbold
Technical analysis hints at imminent surge
The next turn in BTC’s most recent roller coaster ride, however, might be bullish, per the prominent crypto analyst Ali Martinez.
On Tuesday, May 28, Martinez shared a post on X claiming that technical analysis (TA) of Bitcoin’s daily chart shows that the coin is poised for a significant upward move.
BTC hourly chart showing the results of TD Sequential analysis. Source: @ali_charts
The cryptocurrency expert utilized a technical analysis tool called TD Sequential, which has been mostly reliable for estimating upcoming price movements of Bitcoin throughout 2024.
In a nutshell, TD Sequential analyzes an asset’s past performance in an effort to determine if a current trend will be confirmed or reversed. Martinez, in this case, identified that BTC is set for a one to four candle bar rally.
A different prominent expert – Michaël van de Poppe – appeared to disagree with Martinez’s analysis in another X post published Tuesday, May 28.
BTC price chart with the crucial support zones marked. Source: @CryptoMitchNL
According to van de Poppe, Bitcoin rejected the significant resistance level at $70,000 as it held the price briefly on Monday, only to rapidly drop more than $2,000 per coin.
Following such action, the expert concluded that there shall be no imminent breakout for BTC and instead expressed his hope that $66,000 will prove a stable support zone for the cryptocurrency.
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