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Bitcoin All-Time-High in Q2 or $100k Again This Week?
A recent report by Standard Chartered has sparked a flurry of excitement and speculation in the crypto community, as the financial institution predicted that Bitcoin could reach new all-time highs by the second quarter of this year. This bold prediction comes with a staggering price tag: Bitcoin is expected to surge to around $120,000.
At present, Bitcoin’s value hovers in the mid-$90,000 range, and experts are unanimous in their opinion that several critical factors will influence its trajectory over the coming weeks. The impending U.S. Federal Reserve meeting in May and ongoing concerns about inflation are two such crucial variables that could drastically impact the cryptocurrency’s price.
Not everyone shares Standard Chartered’s rosy outlook, however. Some analysts believe that the worst may have passed for Bitcoin, opening up the possibility of further gains in the short term. Bitcoin’s recent price action has been nothing short of dramatic. Just days ago, it reacted strongly to a key support zone between $93,220 and $94,244, with the price plummeting from its recent high last Friday in a classic three-wave pattern before bouncing back.
According to crypto analysts, several possible short-term scenarios are unfolding, with most pointing towards an optimistic outcome. The consensus is clear: if Bitcoin maintains its support levels, it could very well push higher in the near future. For now, the next major price target for Bitcoin sits at a daunting $96,275.
While the market has been described as “choppy” in recent days, experts are keen to point out that bears have yet to assert themselves conclusively. The cryptocurrency’s inability to break through the crucial resistance level around $95,450 could yet prove the catalyst for further gains – but caution is advised, given the market’s unpredictable nature.
Despite the volatility, all major support levels remain intact, fueling speculation that Bitcoin may be on the cusp of a significant upward move.
Source: https://coinpedia.org/news/bitcoin-all-time-high-in-q2-or-100k-again-this-week/
