As May drew to a close, Bitcoin continued to cause concern among investors and traders. Reflecting back, it had reached a record high of $73,000 in March, but had since experienced a significant decline, dropping below $57,000 at one point. Despite this, Bitcoin (BTC) began to rise again and had the potential to reach new milestones. However, despite a rise on Monday, May 27, the price of BTC fell to $67,400 after last night’s events, indicating that it is still 10% away from the $73,000 level.
Will Bitcoin Rise According to Analysts?
On the other hand, according to research conducted by prominent crypto analyst Ali Martinez, the recent outlook for BTC suggests that the next price movement could be upward. For the latest financial and business news, visit COINTURK FINANCE.
In a post on X on Tuesday, May 28, Martinez stated that the technical analysis of Bitcoin’s daily chart provides data that indicates a potential upward movement in the cryptocurrency.
To explain what TD Sequential is, it can be understood as an indicator that analyzes the past performance of the asset being reviewed to determine whether there will be a trend reversal or if the existing trend will continue. Martinez explained that BTC was analyzed for a period of one to four candlesticks in this case.
Van de Poppe’s Bitcoin Commentary
However, in another X post shared by market figure Michaël van de Poppe on Tuesday, May 28, his analysis of Bitcoin’s price movement contradicted Martinez’s. According to Van de Poppe, Bitcoin was rejected at a significant resistance level as it could only maintain the $70,000 region for a short period before experiencing a drop of over $2,000.
He stated that there would be no breakout for BTC in the near future after a price movement, and that the $66,000 level would serve as an important support zone for Bitcoin.
Meanwhile, as of the time of writing, Bitcoin continues to trade at $68,300. During this period, BTC’s 24-hour trading volume has also exceeded $32 billion.
In March, Bitcoin reached an all-time high of $73,000.
Analyst Ali Martinez predicts a potential upward movement for BTC.
Michaël van de Poppe sees $66,000 as a key support zone for Bitcoin.
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Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and should conduct their own research.
