Bitcoin (BTC) has been struggling to break through the crucial $30,000 price level in recent weeks, despite gaining renewed support from factors such as the United States banking crisis.<\/p>\n
As the maiden cryptocurrency experiences a lackluster performance, market analysts are closely monitoring its next price trajectory, especially regarding the next all-time high.<\/p>\n
In particular, a recognized pseudonymous crypto analyst El_crypto_prof, who took to Twitter on May 13, suggested that Bitcoins price action follows a pattern of higher highs and higher lows that often leads to a parabolic rally. This means that as the cryptocurrencys value increases, it tends to surge even faster, resulting in exponential growth.<\/p>\n
Based on this pattern, the analyst suggested that Bitcoin could achieve a new all-time high before 2025. This is because the cryptocurrency has been consistently exhibiting a series of higher lows over the past few months, which could indicate that it is on track to establish a new higher high.<\/p>\n
Besides the historical chart pattern trends, Bitcoin is also banking on factors like the upcoming halving and possible regulatory clarity as a potential foundation for a new all-time high. The last record high was in late 2021 when the asset peaked at almost $69,000.<\/p>\n
Its worth noting that Bitcoin has been unable to maintain gains above the $30,000 level since mid-April. As of May 12, the cryptocurrency saw its lowest level of trade since mid-March, dropping below $27,000 due to ongoing volatility fueled by low liquidity in the cryptocurrency markets.<\/p>\n
The renewed losses in Bitcoin can also be attributed to the increased regulatory scrutiny in the industry. Recently, Bitcoin miner Marathon Digital received a subpoena from the U.S. Securities and Exchange Commission (SEC), raising concerns about potential violations of federal securities laws through related-party transactions. This development has created uncertainty for the publicly traded mining company.<\/p>\n
As Bitcoin looks to reclaim a new record high, the crypto community is projecting a possible price decline in the coming weeks. As per Finbold report, a crypto community with 82% historical accuracy predicted that Bitcoin would likely tumble and trade at $24,753 on May 31.<\/p>\n
As of press time, Bitcoin was trading at $26,801, reflecting a modest daily gain of around 1.6%. However, on the weekly, the cryptocurrency has declined by almost 7%.<\/p>\n
A look at Bitcoins technical analysis shows a bearish sentiment prevailing. According to a review of one-day gauges obtained from TradingView, the recommended sentiment is sell at 11. The moving averages indicate a sell sentiment at 9, while the oscillators are neutral at 8.<\/p>\n
In the meantime, Bitcoin is attempting to breach the $27,000 support level, potentially creating room for the cryptocurrency to reclaim the $30,000 level.<\/p>\n
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.<\/p>\n
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This is when Bitcoin could reach a new all-time high - Finbold - Finance in Bold<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin (BTC) has been struggling to break through the crucial $30,000 price level in recent weeks, despite gaining renewed support from factors such as the United States banking crisis. As the maiden cryptocurrency experiences a lackluster performance, market analysts are closely monitoring its next price trajectory, especially regarding the next all-time high. Continue reading