Analyst: Bullish Potential Bitcoin At The End Of May 2024

Illustration. (Photo: Doc. Antara)

JAKARTA - The Magical Financial Expert of Crypto Panji Yudha said that Bitcoin (BTC) crypto assets have the potential to move bullish (strengthen) in line with the existence of various sentiments at the end of May 2024.

"Bitcoin has risen again above USD 69,000 support, and if it can stay above USD 69,000 support, there is the potential to re-test the USD 73,000 level. Meanwhile, if the breakdown support, the potential will weaken first to support the trendline at USD 67,000," Panji said in Jakarta, quoted from Antara, Tuesday, May 28.

He explained that there will be releases of several US economic data, including consumer confidence data on Tuesday (28/05) and GDP growth data for the first quarter of 2024 on Thursday (30/05), which provides further estimates and insights into US economic health compared to the previous quarter.

On the other hand, all attention is focused on the release of the US Private Consumption Price Index (PCE) on May 31, 2024. This major inflation measure affects the Fed's policy, which has the potential to cause Bitcoin price fluctuations. So, following this data will be very important for every crypto asset investor," said Panji.

Meanwhile, he explained that Ethereum (ETH) has the potential to surpass the price of $ 4,000 in the near future, driven by news from the Hong Kong Securities and Futures Commission (SFC) which is reportedly considering including an Ethereum (ETH) staking option for ETF issuers in Hong Kong.

"In addition, the Ethereum core developer has also provided information regarding the launch of the next Ethereum upgrade called Pectra, which will be launched at the end of the first quarter of 2025," Panji said.

Panji explained that last week there was an important decision in the crypto asset industry from the US Security and Exchange Commission (SEC) following the approval of the Bitcoin ETF in January 2024.

On May 23, 2024, the SEC approved the submission of eight Ethereum spot ETF applications from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise.

Data Tuesday (28/05) this morning at 08:00 WIB, the price of Bitcoin (BTC) was recorded at the level of 69,345 US dollars, an increase of 0.37 percent, while Ethereum (ETH) fell 0.20 percent to 3,875 US dollars.

The total market capitalization of crypto assets is at 2.524 trillion US dollars, or up 1.05 percent in the last 24 hours.