Key points:
Bitcoin’s positive sentiment should remain intact if BTC price stays above the 20-day EMA near $92,000.
Several altcoins show bullish chart patterns in the 4-hour and 1-day timeframes.
Bitcoin (BTC) has given back some of the gains over the weekend, and the price has pulled back to the breakout level of $95,000. Buyers will have to successfully hold the $95,000 level to keep the bullish momentum intact.
Bitcoin network economist Timothy Peterson said in a post on X that Bitcoin could surge to a new all-time high and reach a target of $135,000 in the next 100 days if certain conditions are met. Peterson believes a drop in the CBOE Volatility Index below 18 could trigger a “risk-on environment” favoring Bitcoin. The other crucial points needed for the Bitcoin rally are a fall in interest rates and a solid performance in the above-average performing months of June and July.
Crypto market data daily view. Source: Coin360
The cryptocurrency markets may remain volatile in the near term as traders await the Federal Reserve’s upcoming interest rate decision next week. Although the CME Group’s FedWatch Tool projects a low probability of a rate cut on May 7, markets may make a decisive move after the event.
Could Bitcoin hold the retest of the $95,000 level? If it does, let’s study the charts of the cryptocurrencies that may move higher in the near term.
Bitcoin price prediction
Bitcoin broke above the $95,000 resistance on May 1, but the bulls failed to sustain the momentum. The price turned down from $97,895 on May 2 and has reached the breakout level of $95,000.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
The upsloping 20-day exponential moving average ($92,106) and the relative strength index (RSI) in the positive territory indicate that buyers have the edge. If the price rebounds off the zone between $95,000 and the 20-day EMA, the bulls will make one more attempt to push the BTC/USDT pair to $100,000.
Contrarily, a break and close below the 20-day EMA suggests that the rally above $95,000 may have been a bull trap. That heightens the risk of a drop to the 50-day simple moving average…
..
