As a researcher with several years of experience in the cryptocurrency market, I’ve seen my fair share of price fluctuations and market shifts. Based on current trends and analysis from trusted sources, I believe Bitcoin has the potential to hit $80,000 by the end of May. However, this optimistic outlook comes with a caveat – it will be HODLers, not speculators, who reap the maximum benefits.
The price of Bitcoin has been swiftly declining as depicted in the daily chart. Following its significant surge above $71,500 earlier in the week, there is a need for a clear continuation for bulls to remain hopeful. However, one market analyst remains confident that Bitcoin will experience a sharp increase and hit $80,000 before the month’s end.
Will Bitcoin Hit $80,000 By End Of May?
The analyst believes that HODLers, rather than speculators, stand to gain the most from Bitcoin’s price movements. According to his analysis, Bitcoin is poised to surpass $80,000 by May’s end. Furthermore, he anticipates a peak of around $95,000 in June.
Based on the candlestick chart’s indication, investors placing their orders at current market rates could potentially buy Bitcoin at a discounted price. Nevertheless, the trader anticipates that Bitcoin’s price may pull back when it reaches $95,000 in the next seven weeks.
The retracement will also wash out speculators hitching the leg up.
In terms of spot rates, the most straightforward direction for Bitcoin (BTC) to take is northward. Despite a nearly 6% decrease from its weekly peaks, the overall trend continues to upwardly trend. The price level of $72,000 is becoming increasingly challenging as resistance, with prices moving sideways. Conversely, the support level at $60,000 is noteworthy to monitor.
To establish a clear upward trend, the trading volume should approach around $72,000. It’s important to mention that the bulls have failed to break through and close above this level since reaching new peak prices in mid-March.
Capital Is Flowing To Ethereum: Will The United States SEC Reject Spot ETH ETFs?
As a crypto investor, I believe that sentiment holds significant weight in driving up prices. Recently, there has been a noticeable change in the investment community’s attitude towards Ethereum. This shift became more pronounced when the SEC announced unexpectedly that it is considering approving spot Ethereum ETFs. Consequently, many investors have begun moving their funds into Ethereum, contributing to the growing bullish sentiment around this cryptocurrency.
The current situation has dampened the progress and caused a decrease in prices, as evidenced by the Ethereum vs. Bitcoin price chart. Ethereum has surpassed Bitcoin with a 25% growth spurt since mid-May 2024.
The SEC in the United States has yet to make an official announcement regarding approval of a spot ETH ETF. According to an analyst’s prediction, however, the agency may surprise the market by rejecting all pending proposals. If this occurs, the crypto markets could experience a significant downturn, putting an end to alleged manipulative practices.
Read More
- CORE PREDICTION. CORE cryptocurrency
- Top gainers and losers
- SYS PREDICTION. SYS cryptocurrency
- KUNCI PREDICTION. KUNCI cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- CFG PREDICTION. CFG cryptocurrency
- Best coins for today
- DOGE PREDICTION. DOGE cryptocurrency
- THOR PREDICTION. THOR cryptocurrency
- STFX PREDICTION. STFX cryptocurrency
2024-05-24 02:10