As May came to a close, Bitcoin's volatility continued to concern investors and traders. Reflecting on its recent performance, Bitcoin (BTC) hit a peak of $73,000 in March but subsequently declined, dipping below $57,000 at one point. Despite this downturn, Bitcoin began to rise again and showed potential for setting new records. However, after an increase on Monday, May 27, BTC's price fell to $67,400 following overnight events, marking it still 10% below its $73,000 peak.

Predictions on Bitcoin's Potential Rise

According to leading crypto analyst Ali Martinez, the current trends suggest that Bitcoin's next price movement might be upward. Martinez shared on X (formerly Twitter) on Tuesday, May 28, that the technical analysis of Bitcoin’s daily chart shows signs of a possible increase in value.

Martinez used the TD Sequential, a well-known market indicator, to forecast Bitcoin’s future price trends for 2024. This tool analyzes an asset's past performance to predict whether a trend will continue or reverse. In this case, Martinez examined BTC over a period of one to four candlesticks to derive his conclusions.

Van de Poppe's Perspective on Bitcoin

Conversely, another prominent analyst, Michaël van de Poppe, offered a different take on Bitcoin’s price movement in his own X post on Tuesday, May 28. Van de Poppe observed that Bitcoin faced significant resistance, briefly holding the $70,000 mark before dropping by over $2,000.

He suggested that a breakout for BTC is unlikely in the near future, indicating that the $66,000 level will act as a crucial support zone. At the time of writing, Bitcoin is trading at $68,300, with a 24-hour trading volume exceeding $32 billion.

Conclusion

Bitcoin reached an all-time high of $73,000 in March, with analyst Ali Martinez forecasting a possible upward trend and Michaël van de Poppe identifying $66,000 as a key support level. While opinions differ, the cryptocurrency market remains dynamic, and Bitcoin's future movements are eagerly anticipated by investors.