Bitcoin (BTC) Price Is Primed for a Rebound to New ATH; Here Are Top Reasons

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After being trapped in a correction mode for the past six weeks, Bitcoin’s (BTC) price has established a robust support zone of around $61k. With the heightened demand for the flagship coin from institutional investors, following the recent approval of spot BTC ETF in Hong Kong, more crypto traders led by CryptoCapo believe a rebound is on the horizon.

Why Bet on Bitcoin Price Rebound Soon

From a technical standpoint, Bitcoin price has been forming an inverted head and shoulder (H&S) pattern backed by a bullish divergence on the Relative Strength Index (RSI). According to market analysis conducted by Glassnode, the ongoing macro Bitcoin uptrend is the most resilient in its entire history.

Measured from the $73k ATH, #Bitcoin prices corrected by -20.3%, which is the deepest correction on a closing basis since the FTX lows in Nov-2022.

That said, this macro uptrend still appears to be one of the more resilient in history, with comparatively shallow corrections… pic.twitter.com/8WvCOGBV2R

— glassnode (@glassnode) May 9, 2024

As a result, popular crypto analyst alias PlanB believes Bitcoin price is in the case of entering the parabolic phase in the coming months, based on the stock-to-flow model (S2F). Previously, PlanB has indicated that Bitcoin price is en route to at least $300,000 in this bull cycle, with a high chance of rallying beyond.

Market Picture

As the US elections draw near, top contenders, Joe Biden and Donald Trump, have differed on the topic of crypto, especially altcoins. On Wednesday, the US House of Representatives voted to approve a resolution against the SEC’s guidance that banks are deterred from holding digital assets.

Although current US President Biden has vowed to veto the bill, former President Trump has promised to uphold the crypto market if elected later this year. Meanwhile, the demand for Bitcoin remains high as more institutional investors flee the highly inflationary fiat market.

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