Bitcoin Bounces Back: Targets Set at $64,000 and Beyond Amidst Market Recovery
Summary:
Bitcoin's value is currently recovering from its two-month low, with a peak value of $62,123 on May 3 after climbing from lows of $56,551 on May 1. The critical resistance level stands at $64,000. The cryptocurrency faces challenges with the exponential moving averages (EMAs) on its daily chart. Long-term predictions for Bitcoin's future are positive, with potential targets at $73,808 and eventually, an impressive $118,500.
Rebounding from its two-month low of under $57,000, Bitcoin has surged by 5.2% in the last 24 hours. The cryptocurrency experienced a significant rise from $56,551 on May 1 to a high of $62,123 on May 3, recording a growth of 9.85% according to Cointelegraph Markets Pro and TradingView. The price of Bitcoin is set to increase further as the recovery across cryptocurrency markets continues.
Bitcoin's crucial resistance price still lies at $64,000. Its value is currently on a rapid upward journey, moving towards the $62,000 mark, reminiscent of the movements it made after falling below $60,000 prior to the April 20 halving event. Independent traders point to the $62,000 mark as a critical point that Bitcoin has yet to convincingly reach. Despite a successful recovery from beneath $60,000, the challenge remains to cross the $62,000 threshold.
Potential hurdles involve the exponential moving averages (EMAs) on Bitcoin's daily chart as identified by crypto expert, Lark Davis. The cryptocurrency currently faces resistance at the 100-day EMA, valued at $59,972. The upcoming significant resistance is the 50-day EMA, presently situated at $63,902, a level traders would ideally not want to see major rejection from.
Market intelligence firm, IntoTheBlock, corroborates Davis' observations. Their In/Out of the Money Around Price (IOMAP) model identifies the 50-day EMA within the $62,858 to $64,670 price range.
Independent analysts are optimistic about Bitcoin's future, predicting a target price of $82,000 provided the cryptocurrency maintains its current upward momentum. Others suggest a possible breakthrough from its current chart pattern, opening the pathway to a new all-time high at $73,808 and eventually, the $80,000 mark. The ultimate target may lie at an impressive $118,500, indicating a 77% rise from the present price.
However, potential investors are reminded that every type of trading move carries a risk, and they should exercise their due diligence before deciding to invest.
Published At
5/3/2024 8:07:15 PM
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