As a long-term crypto investor with some experience in the market, I’m keeping a close eye on Bitcoin’s price action. The recent rangebound behavior between $60,000 and $62,000 has been a common occurrence in bull markets, and it’s essential to remain patient during such periods.
Since bitcoin surpassed the psychologically significant $60,000 mark on May 3, its price has stayed relatively stable within a narrow range.
As an analyst, I have come across some compelling arguments suggesting that the asset could bounce back and reach the $70,000 mark by the end of this month. This is a price point we last witnessed on April 12.
BTC to Climb Higher?
Adrian Zduńczyk, also known as “crypto_birb,” shared with his 652,000 Twitter followers on May 8 that he believes the approximate value of Bitcoin could reach around $70,000 by the end of the month.
As a crypto investor, I’ve been noticing an uptrend in both the 200-week and 50-week moving averages. This is a strong indicator that we’re currently experiencing a bull market.
$70k+ in May possible?
— Adrian Zduńczyk, CMT (@crypto_birb) May 8, 2024
As a crypto investor, I’ve been keeping a close eye on Bitcoin’s moving averages. Excitingly, the 200-day moving average reached an unprecedented peak this week, surpassing $50,000 for the first time. Bitcoin pioneer Anthony Pompliano shared my sentiment, commenting on this development.
“Don’t get lulled to sleep by Bitcoin going sideways. The long-term thesis is as strong as ever.”
Zduńczyk added that the technical indicator was now a support level at this price.
The speaker expressed that the Fear and Greed Index indicated a “greedy” market mood, while mining expenses had come to a standstill.
Additionally, historical data shows that the average growth in the market during May has been approximately 15%. With the market opening at $60,600 on the first day, a projected estimate for the end of the month would be around $70,000.
“Analyst and trader ‘Crypto Caesar’ has pointed out an intriguing perspective that Bitcoin might be shaping a significant cup and handle chart formation on its weekly chart.”
If Bitcoin surpasses its all-time highs during the summer, I expect a significant price increase with a possibly shortened upward trend.
As a crypto investor, I’ve noticed some intriguing developments according to a recent report by Bitfinex. The exchange indicated that certain on-chain signals suggest short-term sellers might be losing steam.
Additionally, Arthur Hayes, the ex-CEO of BitMEX, expressed his belief that the cryptocurrency market’s local minimum had been surpassed when Bitcoin reached $56,800. He further predicted that the markets would trade within a range of $60,000 to $70,000 until approximately August.
Crypto Market Outlook
As a researcher studying the cryptocurrency market trends, I’ve observed a minor dip during the Wednesday trading session in Asia. The total market capitalization shrank by approximately 1.4%, bringing it down to around $2.42 trillion.
Bitcoin had fallen a similar percentage to $62,629 at the time of writing but remained sideways.
Ethereum had weakened further, dropping to just above $3,000, a crucial support level.
As a crypto investor, I observed that the majority of altcoins experienced price declines. Notably, Solana (SOL), Dogecoin (DOGE), and Avalanche (AVAX) suffered more substantial losses.
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2024-05-08 10:30