Bitcoin (BTC) is showing signs of recovery after its recent plunge to just above $60,000. The original cryptocurrency is up 1.8% on the daily chart and 3.1% over the past month.
However, BTC is still down 0.6% on the weekly chart and 5.2% on the 14-day chart. BTC’s latest recovery could be attributed to the upcoming halving event on April 20, 2024.
Upon completion of the halving, BTC could rally to a new all-time high, as some analysts predict.
Bitcoin (BTC) predicted to hit a new all-time high
According to Captain Faibik, BTC is ‘currently forming a bullish ascending wedge pattern on its daily time frame chart. ‘ Captain Faibik noted that a bullish breakout could lead the original cryptocurrency to a new all-time high by May.
CoinCodex also paints a bullish picture for Bitcoin (BTC) in the coming weeks. The platform predicts that BTC will hit a new all-time high by the end of the week, reaching $74,594 by April 26, 2024. Hitting $74,594 from its 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 its current price level would represent 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 by April 26, 2024. Furthermore, the platform predicts that BTC will hit $84,941 by May 17, 2024.
If Bitcoin (BTC) can sustain a price above $80,000, we could see another leg up, taking the original cryptocurrency to over $100,000. However, with the Federal Reserve delaying its plans to cut interest rates, investors could grow weary of risky assets, such as cryptocurrencies.
