Bitcoin Nears All-Time High: Analysts Predict Rapid Surge to $118,000
Bitcoin Inches Closer to All-Time High
Bitcoin is nearing its all-time high price, reaching $108,050 early Wednesday, just 2.71% below its record high of $109,114 set in January. Despite slight fluctuations, Bitcoin has shown resilience, maintaining a 0.72% increase over 24 hours to $106,145. Analysts, including on-chain expert Willy Woo, predict a rapid ascent to $118,000 once it surpasses its current ATH.
Market Sentiment and Predictions
Woo suggests that once Bitcoin decisively breaks its ATH, the move to $118,000 could happen swiftly. A poll by Santiment indicates that 71.5% of respondents expect Bitcoin to breach its ATH by the end of May, reflecting growing optimism in the crypto community. The prolonged period above $100,000, now 11 days, is seen as a sign of accumulation and strength.
Bullish Indicators Ahead
As the crypto market approaches a $4 trillion capitalization, attention is on the potential emergence of a golden cross on Bitcoin's daily charts, a bullish signal that could validate current sentiment. With Bitcoin's price action and positive indicators, the coming weeks may see significant movement in the cryptocurrency market.
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