Bitcoin returned to the spotlight after the Global Bank Standard Chartered predicted that the world's largest cryptocurrency could hit a new time high in this year's second quarter. According to their latest report, Bitcoin can reach around $ 120,000, driven by recently strong performance in the market and the growing interest of the investor.
To date, Bitcoin is trading in the mid -$ 90,000 range, and experts believe that many global factors can affect its movements in the coming weeks. This includes the upcoming US Federal Reserve meeting in May and ongoing inflation concerns. However, some analysts suggest that the worst can be completed so far, that the door may open for further gains.
Current Bitcoin price action
Bitcoin recently reacted around a major zone support between $ 93,220 and $ 94,244. According to crypto analysts, the price dropped from a recent high Friday to a typical three-wave pattern, followed by signs of a recovery.
Analysts outlined a lot of possible Short -term scenarios, most of them are optimistic. One of the leading views is that if Bitcoin continues to hold its support levels, it can move higher in the short term. The next major target price for Bitcoin is around $ 96,275.
Choppy market, but bulls are still active
Although Bitcoin has shown some positive motions, the market has been described as “choppy” in recent days. Price movements are bouncing between basic levels, with strong resistance appearing around $ 95,450. If Bitcoin manages to break it, it will see additional acquisitions – but experts warn the market is unpredictable today.
Despite the uprising, no clear top of the market has been confirmed, and all major support levels remain. Many believe that there is a good opportunity that Bitcoin can push higher as soon as possible.
