bitcoin is falling rapidly, watching the price action on the daily chart. Even after the impressive rally above $71,500 earlier this week, there needs to be a conclusive follow-through for optimistic bulls. Despite this correction, one analyst strongly believes that bitcoin will rebound sharply, reaching $80,000 by the end of the month.
Will bitcoin reach $80,000 by the end of May?
Taking x, the analyst x.com/BitQua/status/1793359966931423406″ target=”_blank” rel=”nofollow”>think HODLers, not speculators, will reap the most benefits from bitcoin. According to the trader's assessment, not only will btc fly above $80,000 by the end of May, but the coin will also reach a high of $95,000 in June.
Consequently, reading the candle arrangement, those who position at spot rates could enter at favorable prices, obtaining the currency at a discount. Still, when btc flies to $95,000 in less than seven weeks from now, the trader expects prices to cool down.
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The pullback will also eliminate speculators who are rallying.
For spot rates, the path of least resistance is north. btc is also down about 6% from this week's highs, although the bullish trend remains. The $72,000 line is emerging as a strong resistance level as prices continue to move horizontally. At the lower end, $60,000 is worth looking at.
For the uptrend to take shape, high volume must be near $72,000. It is noteworthy that the bulls have yet to break out and close above this line since reaching all-time highs in mid-March.
Capital Is Flowing Into ethereum: Will US SEC Reject eth Spot ETFs?
Sentiment will play a key role in driving prices higher. So far, the analyst recognizes that there is a change in sentiment. As the US Securities and Exchange Commission (SEC) unexpectedly prepares to approve spot ethereum exchange-traded funds (ETFs), investors have been rotating capital into eth.
This has slowed the momentum, even lowering prices, as in the current case. The ETHBTC price chart shows ethereum outperforming bitcoin, adding 25% since mid-May 2024.
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There has been no official communication from the US SEC regarding the immediate approval of the eth ETF. However, the analyst believes that the agency will disappoint the market by unexpectedly rejecting all proposals. If this were the case, cryptocurrency markets would shut down, putting an end to what the trader claims have been “manipulative practices.”
Featured image from Shutterstock, chart from TradingView
