According to technical analysts, the Bitcoin and altcoin market may experience a remarkable recovery in the coming weeks. According to Kevin Svenson, BTC price is targeting $48,000 at the end of the trajectory.
‘Bitcoin price ready for a strong recovery’, according to analysts
In the first estimate, popular crypto analyst Kevin Svenson said that Bitcoin is currently targeting $48,000 along a parabolic trajectory. If this scenario becomes true, it will represent a 65% gain from the current price. According to the analysis in the Youtube video:
Bitcoin is now creating a higher bottom along our parabolic curve which could create the next big push towards $48,000… This move means that in theory Bitcoin has 65% more of the next target of $48,000 from here. This is a 65% move, if it happens it’s a huge opportunity…
Next altcoin bull?
Svenson expects altcoins to rally after Bitcoin approaches the $50,000 mark. This pattern corresponds to Bitcoin’s behavior months before the last halving cycle, and the next halving will occur in early 2024. Svenson predicts a final dramatic peak in Bitcoin dominance (BTC.D) before the altcoin bull kicks off.
Regarding the best time to invest in the altcoin market, Svenson estimates that June or July are the most important opportunities.
Alex Krüger expects a new Bitcoin peak
Economist and crypto investor Krüger expressed that he is bullish on Bitcoin. The analyst predicts a new annual peak in BTC price as more US banks falter. Krüger told his 153,500 Twitter followers that he believes BTC will reach a new high for 2023 in May:
New BTC highs are coming in May. I hope you are ready for it.
New $BTC highs coming in May
Hope you are ready for it
— Alex Krüger (@krugermacro) May 3, 2023
The crypto analyst also says that Bitcoin is showing strength against collapsing US regional banks.
Elsewhere, popular Bitcoin whale Kaleo has predicted that Bitcoin will surpass $40,000 in the short term.
Kaleo says Bitcoin price will take action very soon
Kaleo believes that the BTC chart against the S&P 500 Index (SPX) shows that Bitcoin will continue on an upward trajectory after breaking the cross resistance. The crypto investor predicts that the value of BTC against SPX will rise to levels last seen a year ago:
Bitcoin and SPX: Looking at the BTC/SPX ratio, we still haven’t even broken the 2017 ATH. As BTC continues to strengthen, proving to be a safe haven from fear in the banks, the return to the May 2022 dump level feels pretty counterintuitive. That would be about $40,000.
Kaleo also says that if BTC breaks through the key $30,000 level, it will likely rise to the upper HTF diagonal trendline formed by a February breakout next week. The analyst adds that in this scenario, BTC will be on its way from $33,000 to $34,000.
As quoted by Kriptokoin.com, the BTC price is pricing in the US employment data announced at 15:00 today. Data shows US Non-Farm Payrolls came in at 253K, above expectations of 180K. Bitcoin price is currently holding sideways movements above $29,000.
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