Bitcoin (BTC) is showing signs of recovery after its recent dip to just over $60,000. The pioneer cryptocurrency is up 1.8% on the daily chart and 3.1% over the last month.
However, BTC is still down 0.6% on the weekly chart and 5.2% on the 14-day chart. The latest recovery in BTC could be due to the halving event that is scheduled to take place on April 20, 2024.
Once the halving is completed, BTC could rally to new all-time highs, as predicted by some analysts.
Bitcoin (BTC) predicted to hit new all-time high
According to Captain Faibik, BTC ‘is forming a bullish pennant pattern on the daily timeframe. ‘ Captain Faibik notes that a bullish breakout could lead to new all-time highs for the pioneer cryptocurrency in May.
CoinCodex also paints a bullish picture for Bitcoin (BTC) over the next few weeks. The platform predicts that BTC will hit a new all-time high at the end of this week, reaching $74,594 by April 26, 2024. Hitting $74,594 from the current level would represent an increase of around 12.71%.
Furthermore, CoinCodex predicts that Bitcoin (BTC) will continue to rally in May, reaching $86,416 by May 19, 2024. Hitting $86,416 from the current price level would result in an increase of around 30.57%.
Changelly also predicts a bullish trajectory for BTC. The platform expects BTC to hit a new all-time high of $74,069 on April 26, 2024. Furthermore, the platform predicts that BTC will hit $84,941 by May 17, 2024.
