As May 2023 approaches, experts are assessing the potential price trajectory of Bitcoin (BTC). Accordingly, the leader shares various views on the possible challenges crypto may face. Some say that BTC will have a hard time maintaining the $30,000 level. Others are predicting a more optimistic outcome, with prices climbing as high as $36,000.
Two scenarios for bitcoin
According to independent financial expert Alexander Ryabinin, Bitcoin could have a rough month. The most important issue this month is maintaining the $30,000 level. According to Ryabinin, there are two possible scenarios: Bitcoin will either maintain the $30,000 level and experience a bull run, or it will fall below this level and enter a period of accumulation for several months.
Regulatory print and the road to $30,000
Another expert, Dmitry Noskov, also shares his thoughts on Bitcoin’s May 2023 prospects. Noskov expects Bitcoin to reach $30,000. He suggests that the way is clear for it to potentially go further, especially as the market expects the 2024 halving. However, Noskov also underlines the pressure from American regulators, which could become a major obstacle to the growth of BTC.
Optimistic Bitcoin forecasts for May
Alexey Busov, entrepreneur and co-founder of the Cryptobaron community, offers a more positive outlook for Bitcoin in May 2023. Busov says that BTC will continue to rise as market makers benefit from low buying and high selling. Accordingly, he notes that it will likely reach $35,000-36,000. However, Busov warns that the crypto market will likely experience a downturn in early summer.
Historical trends and market differences
cryptocoin.comAs you follow, Bitcoin’s behavioral history presents a positive outlook for May 2023. Because the cryptocurrency has previously experienced growth after the halving in 2016. However, the current market situation is different from previous cycles. Michaël van de Poppe, the famous crypto expert and founder of trading company Eight, says that Bitcoin will exceed $ 28,400 and reach $ 30,000 in a few days. He suggests it will likely drop to $25,000 if it fails to do so.
BTC at risk of falling to $24,000
A trader nicknamed Crypto Rover warns that a “dangerous” bearish head and shoulders pattern is forming on BTC’s 12-hour chart. According to the trader, this bearish pattern indicates that BTC will likely drop in the next few days. Crypto Rover adds that after the price of BTC has slumped lower over the past few days, BTC is currently trading in a downtrend set in the larger timeframe charts. As a result, the trader’s downside target for BTC is $24,000. On the other hand, it also sets a target of around $32.5K for BTC in case of an upside break.
Ominous Bitcoin prediction from Bloomberg analyst
Bloomberg Intelligence analyst Mike McGlone makes a pretty dark forecast for the crypto market. McGlone says cryptocurrencies will be the next assets to suffer in a deflationary crisis, as evidenced by the sharp drop in commodity prices and bank deposits. While most assets, including cryptocurrencies, are experiencing a year of recovery in 2022 after the pandemic-induced recession, McGlone warns that a deflationary pressure is imminent. According to the analyst, the first recession experienced by the USA is likely to pose a significant challenge for Bitcoin.
Your $40,000 is still a magnet for Bitcoin, but…
BTC has been struggling to break above $30,000 lately. However, according to a crypto analyst nicknamed Kaleo, BTC is still on track to reach $40,000. However, the analyst says that Bitcoin will likely witness a sell-off before it rallies towards $40,000. According to the analyst, Bitcoin will likely retest the $25,000 support before regaining its bullish momentum. In this context, the analyst said, “Whatever – these are my thoughts on the current Bitcoin price action. $40,000 is still a magnet,” he says.
Looking at the lower timeframes, Kaleo says that BTC has already removed the diagonal support that allowed it to climb above $30,000 last month, from around $19,000 in March. The analyst said, “It has broken support. The low timeframe structure is weak. “Low makes sense before high,” he says.
‘Parabolic progress’ for BTC is now on the table
Crypto analyst nicknamed TechDev says that Bitcoin tends to follow global liquidity cycles. He illustrates this with a chart that compares China’s 10-year bonds (CN10Y) to the US dollar index (DXY). The analyst says that Bitcoin is poised for a “parabolic advance” towards the ATH level. According to the analyst, the CN10Y/DXY chart is currently giving a signal that historically marks the beginning of new Bitcoin bull runs. In this context, the analyst makes the following statement:
The yellow arrows are not the halving dates. These are the liquidity signals that precede every parabolic advance towards new highs in Bitcoin.
TechDev explains that the specific liquidity event is CN10Y/DXY breaking above the 60-week moving average (MA). From this point of view, the analyst said, “It has historically led to ~3.5 global liquidity cycles associated with China’s credit drive. This ratio looks like an inverted version of BTC’s chart,” he says.
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