Bitcoin price has remained in a tight range since it crossed the psychological $60,000 level on May 3rd.
However, one prominent analyst believes the asset could recover to the $70,000 level this month, the lowest level since April 12th.
Will BTC rise further?
On May 8, Adrian Zduńczyk, also known as “crypto_birb”, told his 652,000 X followers that a potential target for Bitcoin price in May is around $70,000.
The analyst said it is in a bull market as the 200-week moving average and 50-week moving average trends are up.
Additionally, the 200-day moving average hit an all-time high of over $50,000 this week. Bitcoin pioneer Anthony Pompliano observed this and said:
“Don’t be fooled by Bitcoin’s sidelines. The long-term theme is as strong as ever.”
Zdunczyk added that technical indicators are currently at support levels at this price.
He said market sentiment remains in the “greed” stage and mining costs are stagnant, according to the Fear and Greed Index.
Furthermore, the average increase in May over previous market cycles has been about 15%. He concluded that a starting price of $60,600 means that the estimated target at the end of the month is about $70,000.
Analyst and trader “Crypto Caesar” observed that there is an arguable case that Bitcoin is forming a large weekly cup-and-handle pattern.
“If Bitcoin starts trending above ATH this summer, we could see a strong rally to the upside, potentially shortening the cycle,” he added.
Earlier this week, crypto exchange Bitfinex reported that some on-chain indicators suggest selling pressure from short-term holders may be easing.
Additionally, former BitMEX CEO Arthur Hayes said: Said Once BTC reaches $56,800, the local bottom has passed and the market will remain within the $60,000-$70,000 range until around August.
Virtual currency market outlook
The cryptocurrency market fell slightly during Wednesday's Asian trading session, dropping 1.4% to $2.42 trillion.
Bitcoin remained flat, falling at a similar rate to $62,629 at the time of writing.
Ethereum fell further, dropping to just above the key support level of $3,000.
Most altcoins were in the red, with major losses for Solana (SOL), Dogecoin (DOGE), and Avalanche (AVAX).
