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.
In particular, a recognized pseudonymous crypto analyst El_crypto_prof, who took to Twitter on May 13, suggested that Bitcoin’s price action follows a pattern of higher highs and higher lows that often leads to a parabolic rally. This means that as the cryptocurrency’s value increases, it tends to surge even faster, resulting in exponential growth.
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.
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.
It’s 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.
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.
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.
Bitcoin price analysis
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%.
A look at Bitcoin’s 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.
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.
