In the final days of May, Bitcoin (BTC) has kept investors and traders on edge. After reaching a new all-time high of nearly $73,000 in March, it subsequently fell sharply, dipping below $57,000 at one point. Recently, Bitcoin seemed ready to aim for new records again. However, after a climb on Monday, May 27, which seemed to signal a breakout, BTC declined once more, settling at $67,992—well below the anticipated high of $73,000.
Despite this, prominent crypto analyst Ali Martinez suggests that the next move for Bitcoin could be bullish. On Tuesday, May 28, Martinez posted on X, stating that technical analysis (TA) of Bitcoin’s daily chart indicates a significant upward move is imminent. Martinez used the TD Sequential tool, which has been reliable in predicting Bitcoin’s price movements in 2024.
This tool assesses an asset’s past performance to forecast if a current trend will continue or reverse. Martinez identified that BTC is likely set for a one to four candle bar rally.
Conversely, another expert, Michaël van de Poppe, disagreed with Martinez’s analysis in his own X post on Tuesday, May 28.
Van de Poppe noted that Bitcoin briefly held at the critical resistance level of $70,000 on Monday before dropping more than $2,000 per coin. Based on this action, he concluded that a breakout for BTC is not imminent and expressed hope that $66,000 will serve as a stable support level for the cryptocurrency.
May 2024, Cryptoniteuae
