Is Bitcoin Set to Reach $70,000 in May?
Bitcoin prices have been rangebound post breaking past $60,000 on May 3. However, a prominent analyst sees potential recovery to $70,000 this month, a level last seen in April.
- Adrian Zduńczyk, known as “crypto_birb,” predicts Bitcoin’s May target at around $70,000.
- He notes a rising trend in the 200-week and 50-week moving averages, indicating a bull market.
Positive Predictions for BTC
Zduńczyk’s optimistic views on Bitcoin are further supported by the all-time high hit by the 200-day moving average at over $50,000. Bitcoin pioneer Anthony Pompliano reaffirms the strong long-term thesis, cautioning against complacency during sideways movement.
- The 200-day moving average now acts as a support level.
- The Fear and Greed Index indicates a greed phase in market sentiment.
- Historical data shows average gains of around 15% in May, aligning with a potential month-end target of $70,000.
Another analyst, “Crypto Caesar,” suggests a possible cup and handle pattern formation on Bitcoin’s weekly chart, hinting at a strong upward rally if Bitcoin breaches all-time highs this summer.
Recent reports from Bitfinex indicate a potential easing of selling pressure from short-term holders, while former BitMEX CEO Arthur Hayes believes the market could remain between $60,000 and $70,000 until August.
Current Crypto Market Status
The crypto market experienced a minor decline, dropping 1.4% to $2.42 trillion in Asian trading on Wednesday. While Bitcoin slipped to $62,629, Ethereum also weakened, hovering just above $3,000, a critical support level.
- Altcoins like Solana (SOL), Dogecoin (DOGE), and Avalanche (AVAX) saw significant losses.
Sources:
Bitfinex on-chain indicators, Arthur Hayes’ Twitter statement
Hot Take: Stay Tuned for Bitcoin’s Potential Surge 🚀
As the month progresses, keep an eye on Bitcoin’s movement towards the $70,000 mark, with bullish indicators and expert predictions paving the way for a potential surge in the coming weeks.
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