Bitcoin seems to be preparing for a new bullish rally towards $73,000 this May

It appears that the primary cryptocurrency is currently moving past this negative parenthesis following several weeks of a proper correction. By the end of May, this fresh wind may very possibly drive Bitcoin to all-time highs of $73,000, according to the most recent analyst forecasts. A possibility that makes bitcoin investors feel euphoric again right now.

It is useful to look back a few weeks in order to fully comprehend the significance of this new bullish cycle that has already started. Bitcoin experienced a turbulent period with a nearly 22% correction between March and April of 2024. Prices dropped precipitously once more during this time, peaking at $72,756 in the year and ultimately hitting $56,500 at the lowest point.

This decline was not at all anecdotal; rather, it was seen as a necessary phase of recovery following the ferocious bullish spikes of earlier months. This bitcoin consolidation was seen as an opportunity to reassure investors and stave off some of the speculative fever before going forward, as many analysts believe it was inevitable and even good.

If the latest signs are to be trusted, this breathing now appears fully integrated. Technical analysts claim that all the indicators have really gone green again, enabling a robust continuation of the bullish sequence. The initial catalyst, Bitcoin, has steadily recovered its footing above the 50% retracement, a significant area of resistance.

Bitcoin appears to be getting ready for a fresh bullish rise towards $73,000 in May after weeks of consolidation.

Even better, the trend got stronger when Bitcoin broke out of the bearish channel it had been trading in for the previous month. A standard "bullish continuation pattern" is established following a brief pause in the downward trend. As a further acceleration factor, analysts are also waiting for the crossing of the important 20 and 50 day moving averages.

Another powerful example of Bitcoin's soaring strength. It is hard not to get swept away by a wave of unrestrained optimism in this situation. Bullish goals are starting to pile up, with intermediate targets at $67,450 and $73,380 for the bravest among us! a forecast that might come true as early as May.

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