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Bitcoin is back in the spotlight after global bank Standard Chartered predicted that the world’s biggest cryptocurrency could hit a new all-time high by the second quarter of this year. According to their latest report, Bitcoin could reach around $120,000, driven by recent strong market performance and growing investor interest.
At the moment, Bitcoin is trading in the mid-$90,000 range, and experts believe several global factors could impact its movement in the coming weeks. These include the upcoming U.S. Federal Reserve meeting in May and ongoing inflation concerns. However, some analysts suggest that the worst may be over for now, which could open the door for further gains.
Bitcoin’s Current Price Action
Bitcoin recently reacted strongly around a key support zone between $93,220 and $94,244. According to crypto analysts, the price dropped from a recent high last Friday in a typical three-wave pattern, followed by signs of a recovery.
Analysts have outlined several possible short-term scenarios, most of them optimistic. One of the leading views is that if Bitcoin continues to hold its support levels, it could move higher in the short term. The next major price target for Bitcoin is around $96,275.
Choppy Market, But Bulls Still Active
Although Bitcoin has shown some positive moves, the market has been described as “choppy” in recent days. Price movements have bounced between key levels, with strong resistance appearing around $95,450. If Bitcoin manages to break through this, it could see further gains — but experts warn the market is unpredictable right now.
Despite the ups and downs, no clear market top has been confirmed, and all major support levels are still holding. Many believe there’s a good chance Bitcoin could push higher soon.
