Bitcoin Bounces Back, Market Analysts Forecast an $82,000 Target

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In a riveting turn of events, Bitcoin, the monster of cryptocurrencies, has started the month with the most significant retrace of the current cycle. The value plummeted to a support level of $56,000, a figure that sent a spiral of fear down the spine of crypto investors and market observers. They speculated the end of the exhilarating bull run, an ending that wasn’t in sight.

However, the digital giant, Bitcoin, has bounced back, recovered crucial levels, and the analysts have identified bullish patterns on the Bitcoin chart. These observations suggest Bitcoin might have finally found an escape from the quagmire.

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The retrace on the 1st of May was an eye-opener. The crypto analyst Rekt Capital studied this conduct and drew parallels with Bitcoin’s 2016 and 2024 post-halving performances. He mooted that the trends in the price development were not surprising, given the resemblance to the 2016 “post-Halving Bitcoin Danger Zone.”

According to the expert, this “Danger Zone” appears to be bygones today. Bitcoin has exorcised this specter with a promising bounce from the Re-Accumulation Range Low support. The prediction surmises that May might not see much action for Bitcoin, with the trend possibly extending to the next month. However, Bitcoin’s sluggish months are dwindling before the onset of this cycle’s “Parabolic Phase.”

Rekt Capital also observes that Bitcoin’s selling momentum is showing early signs of relaxation, with a development taking shape against the $60,000 support. In his views, Bitcoin must maintain this support zone for the curl to evolve and eventually uplift.

Another perspective from the analyst Bluntz presented a bullish engulfing pattern on a Thursday. He anticipated a “solid engulfing on the daily close” and felt the “next push-up into ATH had begun.” The following morning, Bluntz confirmed this pattern development and declared that Round 2 of this cycle had kicked off and would lead to a “fresh ATH.”

CryptoJelle, following the bullish analysis, announced that Bitcoin “is looking good.” His posts suggested that the cryptocurrency was on the brink of a complete reset, with it returning to the 100-day Exponential Moving Average (EMA). The chart extends to a “bullish MACD cross” below the zero line and the first higher low in a while, suggesting a positive divergence.

Bitcoin’s price seems to be nudging the trendline that had previously pushed prices lower over the past weeks. Despite the higher low, he marks the need to reclaim the $63,000 support zone before we can fathom new highs.

CryptoJelle conjures a target for Bitcoin’s price at $82,000 for these newfound heights, ratifying that a 6-figure price for the flagship cryptocurrency is a feasible dream this cycle.

As the cryptocurrency community remains oblivious to Bitcoin’s strength during this bull run, the analyst believes the run is far from over. It has only been weeks since the “Halving” event, and Bitcoin’s price has been proliferating around the previous cycle’s all-time high for quite some time.

On a spectacular Monday, Bitcoin’s price soared to $63,000 after oscillating between the $60,000 and $61,000 zones for the previous few days. Even with its recent spells of red figures, Bitcoin’s price surge is applaudable, with a 25.7% and 76.5% rise in the three-month and six-month periods respectively.

With boon days on the horizon, Bitcoin is currently trading at $62,752, an upswing of 3% within the past 24 hours. Today, Bitcoin continues to claim its digital throne, proving its superior market cap, resilient performance, and tremendous potential for the future.