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After several weeks of proper correction, the major cryptocurrencies now appear to be emerging from this bearish interlude. This new wind could push Bitcoin to a record high of $73,000 by the end of May, according to analysts' latest forecasts. This prospect instantly reignites the euphoria among Bitcoin investors.
Beneficial fixes fully integrated
To fully understand the significance of this bullish cycle that has already begun, we need to look back a few weeks. From March to April 2024, Bitcoin certainly experienced turbulence with a correction of nearly 22%. During this period, prices fell sharply, from a high of $72,756 this year to a low of $56,500.
This decline was not trivial and was analyzed as an important breather after last month's active bullish rally. According to many experts, this Bitcoin consolidation was considered necessary, even beneficial, and an opportunity to reassure investors and temper some of the speculative fever before moving forward.
Signs of Bitcoin revival
Based on recent signals, this breathing spell appears to be fully integrated. According to technical analysis experts, all indicators have indeed turned green again, allowing for a strong recovery in the bullish trajectory. The first triggering element, Bitcoin, has reestablished itself firmly above its 50% retracement level, a major resistance zone.
Even better, this trend has further strengthened as BTC has broken out of the bearish channel it has been moving in for a month. A typical configuration of a “bullish continuation pattern” after a short pause in the underlying movement. Analysts also believe in the crossing of the major moving averages at 20 and 50 days, which would be an additional factor for acceleration.
An impressive new demonstration of Bitcoin's stratospheric strength. In this situation, it's difficult not to get carried away by the winds of unbridled optimism. Bullish targets have already been increased, with an intermediate target set at $67,450 and the most audacious target set at $73,380. It is predicted that this could happen as early as May.
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Adapt to society and live a safe life to survive in universities around the world. Community managers manage the underlying cryptocurrencies and work on blockchain and its development. Experience and fair management should be passionately considered in the domain and article information and contract.
Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
