- Bitcoin traded between US$66,800 and US$70,500 in May, breaking US$70K resistance once.
- May saw an 11.07% increase, improving from a 14.76% loss in April.
- Analysts are divided on June’s performance, with some predicting new highs and others anticipating volatility.
Over the past week Bitcoin has been trading in a range between US$66,800 (AU$100,200) and US$70,500 (AU$105,810) breaking the US$70K resistance barrier only once. Yet, it still managed to end May on much better terms than April. Overall, May 2024 saw a 11.07% price increase, while April resulted in a 14.76% loss.
Related: Cathie Wood’s ARK Invest Abandons Its Application for a Spot Ethereum ETF
It will be interesting to see how the number one crypto asset will fare in June, to finish off the quarter – so far Q.2 shows a 4.33% loss, whereas Q.1 saw strong gains with a 68.68% increase.
So, will we see new upswings this month, or much of the same? Analyst RektCapital thinks it could be the latter.
However, fellow analyst Virtual Bacon remains cautiously optimistic and anticipatory. He believes that a significant change is imminent in the market, which could lead to new highs, and advises staying focused and prepared for volatile movements.
Even the big players seem uncertain of what’s coming next. Hang on tight – things are about to get wild. Stay focused.
Virtual BaconPeter Brand Believes Cycle High Could Be in US$130K-US$150K Range
While long-term trader Peter Brand said he remains open to any idea where the market is headed, including a 25% probability that BTC has topped for this cycle, he also has a more bullish thesis.
Brand said, “No method of analysis is fool-proof, but it should be noted that the highs of past bull markets line up quite well against an inverted parabolic curve”.
He believes if this trend continues, we could see a cycle top in late 2025 at the US$130K to US$150K (AU$195K to AU$225K) price point. The X on his chart indicates both potential price and date.
Brand also showed a chart comparing Bitcoin against gold, which indicates that Bitcoin is in a favourable position to outperform gold, continuing its long-term uptrend.
This is consistent with his past bullish predictions for Bitcoin, highlighting his reliance on classical charting principles to inform his trading strategies.
Gold bug Peter Schiff, who was tagged in the tweet, unsurprisingly disagreed and said he believes that BTC likely has already topped out against gold.
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