08 May

A well-known crypto market analyst has explored the potential for Bitcoin to reach $70,000 again in May. Bitcoin has been trading in a narrow range above $60,000 since May 3, but this analyst sees the possibility of a return to the $70,000 level this month, a price not seen since April 12.

Adrian Zduńczyk, also known as "crypto_birb," shared with his 652,000 followers on X that he believes Bitcoin could reach around $70,000 in May. He highlighted the bullish indicators such as the rising 200-week and 50-week moving averages, signaling a bull market. Additionally, the 200-day moving average recently reached an all-time high above $50,000, reinforcing the positive sentiment. Zduńczyk noted that market sentiment remains in the "greed" phase according to the Fear and Greed Index, and mining costs have stabilized.

Zduńczyk also pointed out that historical data shows average gains in May to be around 15%, suggesting a potential end-of-month target of $70,000 based on the month's opening price of $60,600.

Another analyst, "Crypto Caesar," observed the formation of a large cup and handle pattern on the weekly timeframe, indicating a potential bullish trend if Bitcoin surpasses its all-time highs this summer.

Bitfinex reported a decrease in selling pressure from short-term holders based on some on-chain indicators. Meanwhile, former BitMEX CEO Arthur Hayes suggested that Bitcoin could remain rangebound between $60,000 and $70,000 until around August, after the local bottom was reached at $56,800.

In terms of market performance, crypto markets experienced a slight dip, with the total market capitalization decreasing by 1.4% to $2.42 trillion during the Wednesday trading session in Asia. 

Bitcoin fell by a similar percentage to $62,629 but remained relatively stable. Ethereum weakened further, hovering just above the crucial support level of $3,000. Altcoins, including Solana (SOL), Dogecoin (DOGE), and Avalanche (AVAX), recorded larger losses.

May 2024, Cryptoniteuae

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