In recent weeks, the leading cryptocurrency has seen increased volatility, surging from approximately $61,000 on May 14 to surpass $71,000 by May 21. However, this upward momentum was interrupted by a corrective phase, causing the asset to dip below the $67,000 mark on May 24. Subsequently, Bitcoin managed to recover some lost ground and has since been fluctuating within the range of $68,500 to $69,300.
Despite this period of relative stability, many analysts maintain a bullish outlook for the asset, anticipating significant gains in the near term. Notably, analysts like Titan of Crypto from X user foresee a potential "breakout" once Bitcoin surpasses the resistance zone around $69,000.
Prior to this assessment, the analyst employed Fibonacci extensions on the asset's price chart to project a new all-time high within the range of $173,000 to $224,000. Fibonacci extensions are specialized tools utilized in technical analysis to predict potential future value targets based on the Fibonacci sequence. These extensions serve as valuable aids for traders in identifying critical levels to monitor for potential price fluctuations, thereby assisting in informed decision-making.
How About ETH?
Ethereum, the second-largest digital asset by market value, has recently emerged as one of the most talked-about subjects in the cryptocurrency world. On May 21, its price surged from $3,100 to almost $3,900, following renewed optimism that spot ETH ETFs might be approved by the US Securities and Exchange Commission (SEC).
After receiving the formal go-ahead on May 24, the asset's value fell below $3,700. However, the bulls took over over the weekend, and as of right now, according to CoinGecko's data, ETH is trading at over $3,910, up 4% every day and 36% over the course of the last two weeks.
The opinion of many analysts is that the asset's price has not yet begun a significant rally. Rekt Capital, an X user, observed that ETH "spent plenty of time" near the $2,791 mark, which has traditionally resulted in an increase towards $4,000. Recall that ETH completed the week much above the shown level. The analyst detailed their prediction on May 26, claiming that a weekly closing in the $3,250–$3,500 range “will confirm that bulls have recaptured momentum."
May 2024, Cryptoniteuae