Bitcoin is falling rapidly, look at the price action on the daily chart. Even after the impressive rally above $71,500 early this week, there should be a decisive follow-through for optimistic bulls. Despite this correction, one analyst strongly believes that Bitcoin will rise sharply, reaching $80,000 by the end of the month.
Will Bitcoin reach $80,000 by the end of May?
Moving to X, analyzer Believes HODLers, not speculators, will reap the maximum benefits from Bitcoin. Based on the trader's assessment, not only will Bitcoin fly above $80,000 by the end of May, but the coin will also rise to a peak of $95,000 in June.
Accordingly, reading from the candlestick arrangement, those who position themselves at favorable spot prices may enter and obtain the currency at a discount. However, when Bitcoin reaches $95,000 in less than seven weeks from now, the trader expects prices to cool down.
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The bounce will also throw off speculators who raise their leg higher.
At spot prices, the path of least resistance is north. Bitcoin is also down about 6% from this week's highs, although the uptrend continues. The $72,000 line appears as a strong resistance level as prices continue to move horizontally. On the low end, it's worth $60,000 to watch.
For an uptrend to form, high volume would need to be near $72,000. It should be noted that the bulls have not yet broken and closed above this line since the rally to all-time highs in mid-March.
Capital Flows into Ethereum: Will the SEC Reject Ethereum Spot ETFs?
Sentiment will play a major role in pushing prices higher. Even now, the analyst admits there has been a shift in sentiment. As the US Securities and Exchange Commission (SEC) unexpectedly prepares to approve exchange-traded funds (ETFs), investors are rolling capital into ETH.
This has slowed momentum and even lowered prices, as in the current case. The ETHBTC price chart shows that Ethereum is outperforming Bitcoin, adding 25% as of mid-May 2024.
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There has been no official communication from the 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 so, the cryptocurrency markets will calm down, ending what the trader claims are “manipulative practices.”
Featured image from Shutterstock, chart from TradingView
