Summary
- Analysis suggests Bitcoin (BTC) has a high possibility of reaching a new all-time high by May.
- The Dollar Index (DXY) recorded a significant decline while Bitcoin plummeted, resulting in the worst February.
- Predictions indicate a high likelihood that Bitcoin and the Top 200 cryptocurrency market cap will reach all-time highs.
An analysis suggests that Bitcoin (BTC) price could reach a new all-time high by May this year.
Jamie Coutts, senior cryptocurrency analyst at Real Vision, stated on the 6th via X, "The Dollar Index (DXY) recorded its fourth largest decline over three consecutive days in history (this week), while Bitcoin plummeted, experiencing its worst February in the past decade." He added, "In the altcoin market, the Top 200 cryptocurrency index crashed once again."
Coutts hinted at the possibility of Bitcoin reaching a new all-time high. He analyzed, "Looking at the chart, the new low ratio has reached 47% over the past 365 days," adding that "this is a typical signal of panic selling within a bull market." He continued, "Now the foundation (for an uptrend) has been established," predicting that "there is a high possibility that Bitcoin and the Top 200 cryptocurrency market cap will reach all-time highs by May this year."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
