Key Takeaways
- Despite its recent struggle to trade above $95,000, Bitcoin maintains strong bullish price action.
- If Bitcoin closes above $95,500 ahead of the monthly close, it could rally to a new all-time high.
- Ali Martinez, on his X account, suggests BTC’s price could set a new all-time high based on his on-chain analysis tools.
Bitcoin’s (BTC) price continued its strong bullish trend toward the end of April, following a strong rally from $74,500. The price has demonstrated a strong rally toward $95,000 but has struggled to trend higher.
Currently, price action for Bitcoin (BTC) trading around a high of $95,000 has brought a great sense of relief across the market. Altcoins have seen some relief bounce, generating double-digit gains. This could continue in May if the price of Bitcoin closes strongly above $95,500.
Ali Martinez, on his X account, has also expressed strong conviction that the price of Bitcoin (BTC) will rally to a new all-time high if its monthly price closes above $95,500. The price action for BTC in the past few weeks has been incredible, showing similar signs leading up to its rally from a region of $65,000 to $109,000.
If the current bullish price action is maintained above $96,000, there are strong chances of price rallying towards an all-time high of $113,000 to $120,000, which would be a major boost for altcoins, too, as these tokens have seen much decline in the past months, with some suffering over 90% crashes.
Ali Martinez further expressed that the current price action of BTC using on-chain tools such as short-term holders, as price protecting its zone around $93,500, could see a price rally towards $130,000 in the coming weeks to months. Still, a breakdown below $90,000 could see bears push the price of Bitcoin (BTC) lower to $70,000, which the price has avoided in a previous price crash.
Price Analysis – Is Bitcoin (BTC) Rally To $130,000 Realistic?
Source – BTC 1D Price Action From TradingView
The news that the Arizona House passed a bill to establish a Bitcoin Reserve is a major boost for the crypto space. Institutions and big players are looking to get some exposure to BTC, and this could help bulls push its price above its previous all-time high.
Bitcoin (BTC) struggles around the psychological resistance of $95,000, but a breakout with strong volume could see BTC bulls continue their rally to an all-time high. On the daily timeframe, the price of BTC has shown a clear change in trend from bearish to bullish as the price attempts to clear the liquidity zones around $95,000 through short positions.
Overall market sentiment for Bitcoin and altcoins is bullish ahead of its monthly close as price protecting its price action above $95,000 will serve as a boost for price rally towards a new all-time high.
