Bitcoin Price Taps $65K As Analyst Who Nailed Pre-Halving All-Time High Says $95,000 Is ‘Quite Obvious’
By Brenda Ngari – May 15, 2024
The price of Bitcoin (BTC) today soared past the $65,000 mark for the first time since May 6. The climb came after U.S. data showed that the monthly pace of inflation was softer than expected in April. This development could spur the Fed’s willingness to begin rate cuts.
Meanwhile, BitQuant, who correctly called the Bitcoin lifetime high before the April halving event, sees Bitcoin hitting $95,000 “in just one move.”
Bitcoin Price Leaps Over $65K
Bitcoin rebounded strongly immediately after the U.S. Bureau of Labor Statistics released its new Consumer Price Index (CPI). The CPI report comes after a slew of higher-than-expected inflation readings, dampening traders’ hopes about when rate cuts might commence this year.
The BTC price now hovers at $66,034, CoinGecko data shows. That’s a 7.29% increase over the last 24-hour trading period. And Ether (ETH), the industry’s second-biggest crypto asset by market cap, was changing hands for $3,007.94 — a 3.9% gain compared to yesterday’s. Over the same period, Solana (SOL) jumped 7.6% to around $154.91.
Bitcoin set a new all-time high in March, nearing breaching the $74,000 level. This was a widely celebrated Bitcoin bull rally that some said showed unique strength despite coming before the long-awaited April halving. But the premier crypto soon fluttered downward, a trend attributed to headwinds ranging from depressing U.S. economic metrics to growing political unrest in the Middle East.
Was the halving priced in, or is a new all-time high for this cycle on the horizon? Analyst BitQuant believes a new peak is imminent.
Bitcoin’s Looming Explosive Price Move To $95,000
Bitcoin is gearing up to continue upward and should advance to an eye-popping $95,000. As per BitQuant, such sky-high BTC price heights are a matter of time.
“$95K will be achieved in just one move, and that is quite obvious,” he postulated on X. “Will that move start today, tomorrow, or the day after tomorrow? I don’t think anyone knows.”
BitQuant was reacting to commentary from fellow crypto analyst Mikybull Crypto, who noted a “cup and handle” formation on Bitcoin’s weekly chart.
The setup comprises a consolidation phase following a run-up, a correction, and an ensuing move higher. In Mikybull Crypto’s view, this results in an astronomical flight to new highs. “The breakout will be explosive and will send it to a cycle top,” he observed in an X post.
Meanwhile, the nearly a dozen new U.S. spot Bitcoin ETFs have seen billions of dollars in inflows so far, which has not only helped re-legitimize crypto given the involvement of trustworthy Wall Street titans such as BlackRock, Fidelity, and JPMorgan but also put considerable buying pressure on Bitcoin.
DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
The original article written by Brenda Ngari and posted on Zycrypto.com.
Article reposted on Markethive by Jeffrey Sloe
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