Bitcoin surged to a fresh all-time high on May 21, fueled by easing macroeconomic concerns and sustained capital inflows into U.S.-based spot Bitcoin ETFs. Market analysts remain optimistic, with several projecting that Bitcoin could rally toward the $200,000 mark by year-end if momentum holds. However, some experts are cautioning about potential risks, pointing to signs of a bearish divergence and the possibility of a double-top pattern forming. Despite this, Bitcoin is on the brink of confirming a “golden cross” on the daily chart—a historically bullish indicator that has often preceded strong upward moves. This renewed strength in Bitcoin is already starting to lift broader market sentiment, positioning several major altcoins for potential upside as confidence across the crypto ecosystem improves.
BTC-USDT Daily Chart:
BTC, after taking support at the key level of $73,500, made a ‘Bullish Engulfing’ pattern and started moving up on the weekly time frame. The asset is trading in green for the seventh consecutive week, forming a ‘Higher High Higher Low’ formation. Prices have surged by almost 49.7% from the recent lows of $74,508 to the new all-time high of $111,554.
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