Crypto Expert Reveals When Bitcoin (BTC) Price Will Hit New ATH

Published by

Zameer Attar

May 17, 2024

Bitcoin (BTC) remains steady, maintaining its position above $65,000 following a brief climb above $66,000 in the last two days. This resilience keeps the cryptocurrency comfortably above the 50-day Moving Average (MA), indicating a strong bullish stance.

Despite this stability, there’s a shadow of uncertainty. Analysts warn of a possible dip below $60,000 before a solid uptrend can be established.

Bitcoin Wins Over Wall Street

Bitcoin’s meteoric rise over the past year is largely attributed to growing support from institutional investors and clearer regulations, particularly in the United States.

A significant development occurred when the US Senate voted to overturn SAB 121, an SEC regulation aimed at limiting banks’ crypto asset holdings. The fate of this decision now rests with President Joe Biden, potentially influencing the upcoming presidential elections.

Altseason Delayed?

Bitcoin’s dominance, currently around 56 percent, continues to rise, postponing the expected altseason. Reduced activity among Bitcoin whales suggests a possible bullish surge in the near future.

Renowned crypto analyst Captain Faibik stresses the importance of Bitcoin maintaining its position above the $68,000 resistance level in the weeks ahead to confirm an upward trend. Faibik sets an ambitious price target of approximately $86,000, aligned with the 2.618 daily Fibonacci Extension.

Spotting the Bullish Formation

Additionally, Faibik identifies a bullish pennant formation in Bitcoin’s price action following its recent all-time high (ATH) of approximately $73,000, further boosting investor confidence.

In essence, Bitcoin’s stability above $65,000 in the face of favorable market conditions underscores its resilience and bullish sentiment.

Do you agree with Captain Faibik’s $86k target?

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.