Bitcoin

Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) has been struggling to break through the crucial $30,000 price level in recent weeks, despite gaining renewed support from factors such as the <a href="https://finbold.com/top-think-tank-warns-insolvent-banks-lurking-in-the-system-as-200-us-lenders-face-risks/" rel="noopener noreferrer nofollow">United States banking crisis</a>.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, <a href="https://twitter.com/el_crypto_prof/status/1657322490371137537" rel="noopener noreferrer nofollow">suggested</a> 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.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/09519a49ef934de781114f0523cbe9f3.PNG" /><h2 id="header-0">Bitcoin’s next all-time high</h2>Besides the historical <a href="https://finbold.com/guide/chart-patterns/" rel="noopener noreferrer nofollow">chart pattern</a> trends, Bitcoin is also banking on factors like the <a href="https://finbold.com/bitcoin-halving-one-year-away-when-will-btc-price-spike/" rel="noopener noreferrer nofollow">upcoming halving</a> 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 <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency markets</a>.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 (<a href="https://finbold.com/topic/sec/" rel="noopener noreferrer nofollow">SEC</a>), 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 <a href="https://finbold.com/crypto-community-with-82-historical-accuracy-sets-bitcoin-price-for-may-31-2023/" rel="noopener noreferrer nofollow">report</a>, a crypto community with 82% historical accuracy predicted that Bitcoin would likely tumble and trade at $24,753 on May 31.<h2 id="header-1">Bitcoin price analysis</h2>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%.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/155ea93ac956480eb86847557df1bd91.png" />Bitcoin seven-day price chart. Source: FinboldA look at Bitcoin’s <a href="https://finbold.com/guide/technical-analysis/" rel="noopener noreferrer nofollow">technical analysis</a> shows a <a href="https://finbold.com/guide/bear-market-definition/" rel="noopener noreferrer nofollow">bearish</a> sentiment prevailing. According to a review of one-day gauges obtained from TradingView, the recommended sentiment is ”sell” at 11. The <a href="https://finbold.com/guide/moving-average/" rel="noopener noreferrer nofollow">moving averages</a> indicate a ”sell” sentiment at 9, while the <a href="https://finbold.com/guide/stochastic-oscillator-definition/" rel="noopener noreferrer nofollow">oscillators</a> are neutral at 8.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/b0366e3b85674b0ea5eb3998347c9b5b.jpg" />Bitcoin technical analysis. Source: TradingViewIn the meantime, Bitcoin is attempting to breach the $27,000 <a href="https://finbold.com/guide/support-and-resistance/" rel="noopener noreferrer nofollow">support</a> level, potentially creating room for the cryptocurrency to reclaim the $30,000 level.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

This is when Bitcoin could reach a new all-time high

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