Will Bitcoin Hit ATH this week? Analyst Predicts $72k Price Target

The post Will Bitcoin Hit ATH this week? Analyst Predicts $72k Price Target appeared first on Coinpedia Fintech News

Bitcoin’s price has surged above $67K over the weekend, marking its first rise to this level in nearly a month. This increase was driven by recent data indicating a softening in U.S. inflation and significant interest in spot Bitcoin ETFs, leading to a massive inflow in Bitcoin ETF investments. 

Some analysts believe that the correction is over and predict that Bitcoin will soon break out to $72K.

Bitcoin To Hit $72K

In a recent tweet, Crypto Rover predicted a significant bullish trend for Bitcoin, forecasting a potential surge to $72,000 within the week. This prediction has prompted investors to reassess their positions and strategies in light of the anticipated price movement.

This week #Bitcoin will go to $72k.

Are you prepared?

— Crypto Rover (@rovercrc) May 20, 2024

Rover’s forecast coincides with the anticipation surrounding the upcoming Ethereum ETF decision. The SEC is expected to deliver a verdict on VanEck’s application on May 23, followed by Ark 21Shares on May 24.

If these ETFs are approved, it could trigger a substantial rise in the cryptocurrency market, potentially boosting Bitcoin’s price significantly.

Bitcoin Form Bullish Indicator

Echoing the bullish sentiment, Moustache recently highlighted a “big green candle” for Bitcoin, suggesting that a substantial upward movement will take BTC to surpass $73k soon.

#Bitcoin

Big green candle for $BTC is loading.

$73,000+ next imo.

Looks like a beautiful inverse head & shoulders pattern + retest to me. pic.twitter.com/ju8ZSdvL7Q

— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 (@el_crypto_prof) May 20, 2024

Moustache’s prediction is based on the emergence of a classic bullish pattern known as the inverse head and shoulders, often considered a strong indicator of an upcoming upward trend in technical analysis. The successful retest of this pattern adds further credibility to the prediction.

If Moustache’s forecast holds true, Bitcoin could see its price soar past $73,000 soon. Such a rise would likely boost investor confidence and attract more institutional investments.

End of Bitcoin Correction 

Adding to the bullish outlook, well-known trader and analyst Rekt Capital believes that a major correction has already happened, suggesting the market may have hit bottom. He noted that Bitcoin only needs a 1% price increase to start a new bull market phase.

#BTC only needs to drop an additional -1% to perform the post Bull Flag breakout retest attempt in an effort to secure trend continuation to the upside$BTC #Crypto #Bitcoin https://t.co/SRqzmUchhC pic.twitter.com/BrWlJwDbNt

— Rekt Capital (@rektcapital) May 18, 2024

Recently, Bitcoin’s price broke through significant resistance at $67.4K but still faces strong resistance around $68K. The biggest liquidity and potential for further gains lie at and above the $72K level.