Bitcoin is poised to reach a new all-time high this month based on a significant rebound that could trigger an upward breakout.
While the recent correction has raised concerns among retail investors, institutional investors are relentlessly accumulating, eyeing $90,000 ahead of the halving.
Bitcoin analyst Captain Faibik has highlighted significant analysis that shows that Bitcoin (BTC) could be setting up for one of its most bullish months in history. Bitcoin, which has in recent weeks suffered a reversal, could potentially register a new all-time high in the coming weeks as investors eye $90,000.
Earlier this week, the prominent crypto analyst highlighted the bullish pennant formation on the 12-hour timeframe chart. This was an indication for the analyst that the world’s largest cryptocurrency could stage a breakout this week.
While investors are looking at $70,000 as the first short-term target, the analyst reveals that he expects Bitcoin to reach $88,000 or $90,000 by the end of the month. This would mark a new all-time high for the digital asset, which only a few weeks ago set a record high of $75,000.
At the time of writing, BTC is trading at $67,603 after a 2% surge in the last 24 hours. Unfortunately, Bitcoin is still in the red zone on the weekly chart, posting a nearly 6% drop in the last 7 days. Earlier this week, BTC dropped as low as $65,000, raising concern, especially amongst retail holders. However, the rebound has demonstrated that the asset has great support.
The price recovery in the past day comes amidst renewed interest from institutional investors. Reports have emerged that Morgan Stanley and UBS are looking to add Bitcoin ETFs to their platforms next week. As CNF reported, the $1.5 trillion asset manager Morgan Stanley will become the world’s first Bitcoin ETF bank.
Additionally, the historic Bitcoin halving is about two weeks away. In the past, this event has ushered in some of the most parabolic bullish trends for the asset. In fact, within a year after the halving, BTC registered an all-time high.
With great expectations around the halving, whales and institutional investors have intensified their investment. Retail investors are also returning to the scene after initial jitters. However, it is crucial for bulls to climb above $70,000 to reclaim their authority on the mid-term trend. This is a key psychological level, and if not regained, investors could easily see the asset plummet. The $65,000 support has shown immense strength, but further below this, it enjoys support at $60,000 and $58,000.
Bitcoin’s performance has inspired the rest of the crypto market. Large-cap tokens have recorded modest gains that could be a sign of higher gains in the coming weeks. XRP and Binance Coin (BNB) are two of the most notable performers, with a 3% and 6% surge, respectively. Both are embroiled in regulatory battles with the SEC but are expected to win.
