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Bitcoin (BTC) Price Prediction for May 8. BTC/USD. The price of Bitcoin (BTC) has dropped by 2.83% since yesterday. On the hourly chart, the rate of BTC is trying to fix below the local support level of $62,0.54. If that happens, the correction may continue to the $61,000 zone soon. On the daily time frame, there are no reversal signals yet. If the bar closes near its low, there is a high possibility of seeing an ongoing decline to the $60,000-$61,000 area by the end of the week. The weekly bar is coming back to the support level formed by a false breakout. If buyers cannot seize the initiative shortly and lose the vital $60,000 zone, one can expect a test of $55,000. Bitcoin is trading at $61,520.02 at press time.

Bitcoin (BTC) Price Prediction for May 8.

BTC/USD.

The price of Bitcoin (BTC) has dropped by 2.83% since yesterday.

On the hourly chart, the rate of BTC is trying to fix below the local support level of $62,0.54. If that happens, the correction may continue to the $61,000 zone soon.

On the daily time frame, there are no reversal signals yet. If the bar closes near its low, there is a high possibility of seeing an ongoing decline to the $60,000-$61,000 area by the end of the week.

The weekly bar is coming back to the support level formed by a false breakout.

If buyers cannot seize the initiative shortly and lose the vital $60,000 zone, one can

expect a test of $55,000.

Bitcoin is trading at $61,520.02 at press time.

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XRP Price Prediction for May 12. XRP/USD. The price of XRP has almost not changed since yesterday. On the hourly time frame, the rate of XRP has once again touched the support of $0.5032. In case of a breakout, there is a chance to see a test of the $0.5020 zone soon. On the daily chart, the price has made a false breakout of yesterday's candle peak. If the bar closes near its low, traders may witness an ongoing drop to $0.50 next week. From the midterm point of view, buyers have failed to maintain the rise after the previous bullish bar. In this regard, a test of the nearest support level of $0.4780 is likely to occur. XRP is trading at $0.5010 at press time.
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Ethereum (ETH) Price Prediction for May 12. ETH/USD. The rate of Ethereum (ETH) has increased by 0.75% since yesterday. Over the last week, the price has fallen by 6.85%. On the hourly chart, the price of the main altcoin is returning to the recently formed local resistance of $2,942. If buyers can hold the gained initiative, there is a possibility of a breakout followed by a move to the $2,970 zone. A less positive situation is on the daily chart. Even if the candle closes around the current prices, the accumulated energy is not enough for a further upward move. In this case, consolidation in the area of $2,900-$2,950 is the more likely scenario for the next days. From the midterm point of view, the weekly bar is approaching the support level of $2,850. If sellers' pressure continues, one can expect a test of the $2,600-$2,700 range by the end of the month. Ethereum is trading at $2,937.99 at press time.
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Pantera Capital: BTC will be worth $117,000 by August 2025. Analysts at Pantera Capital believe that Bitcoin (BTC) will reach an impressive $117,000 by August 2025. This forecast is based on historical data from the BTC halving, an event in which the reward for mining a block on the network is halved. BTC price forecast from Pantera Capital A recent report from Pantera Capital noted that post-halving periods traditionally feature significant rallies. Based on this trend, analysts forecast a strong 4.2x growth by the end of August 2025, 480 days after the halving. According to their calculations, the price of the main cryptocurrency will reach $117,482. Pantera also pointed out Bitcoin's current trajectory, which includes a triple top pattern. "A pattern has formed on the chart, which we often call a triple top. BTC/USD is currently experiencing a corrective recovery. However, breaking the resistance level of $63,000 remains the main challenge and goal. The greatest volatility occurs after the breakout," the analysts noted in the report. Bitcoin price rally after halvings. Source: Pantera Capital However, Pantera remains confident in the results of the calculations. Let us remember that earlier the company successfully predicted the fall of BTC to $17,000.
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BTC, XRP, DOGE Communities Abuzz Over Elon Musk's X Message. A recent tweet by Elon Musk has garnered significant attention from the Bitcoin (BTC), XRP and Dogecoin (DOGE) communities. In his characteristic style, Tesla and SpaceX CEO Elon Musk made a tweet on X prompting speculation and interpretation among his followers. The tweet, which offered a perspective on the workings of the Federal Reserve, has sparked a reaction from the crypto community. In a compelling tweet, Musk drew an analogy between the United States Federal Reserve and the popular board game Monopoly. Musk compared the Federal Reserve's ability to create money to the Monopoly game's rule that allows the bank to never go bankrupt, implying that, like the game, the Fed can always print more money. This metaphor emphasizes concerns about the Fed's quantitative easing (QE) program and its impact on inflation and currency value. In the aftermath of Musk's X post, cryptocurrency communities like Bitcoin, XRP and Dogecoin responded in a variety of ways, offering their perspectives. In response to Musk's post, financial analyst Michaël van de Poppe advocates Bitcoin, silver and gold, predicting that QE might be reintroduced. Some members of the Bitcoin community interpreted Musk's post on how the Federal Reserve works as a recognition of the need for sound monetary policies and the potential benefits of a deflationary digital asset like Bitcoin. "Bitcoin fixes this," they said. This belief stems from the idea that Bitcoin is sound money due to its supply cap and predictable issuance schedule. Some Dogecoin community members replied, including co-founder Billy Markus, also known as "Shibetoshi Nakamoto" on X. Prominent Dogecoin community member "Sir Doge of the coin" also noted, "Dogecoin fixes this." XRP influencer "XRP crypto wolf" said, "Save yourself with XRP and crypto."
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Tron DAO Unexpectedly Shifts $65 Million in Bitcoin to Unknown Entity. In a surprising turn of events today, a substantial amount of Bitcoin - 1,000 ВТС, valued at around $62 million - was observed being transferred from a Tron DAO account to an unfamiliar wallet identified only as "16aFk." This sizable transaction, flagged by Whale Alert, sparked intrigue within the cryptocurrency community. What adds to the mystery is the alleged involvement of Huobi, a prominent exchange platform, in the chain of transfers. Sources indicate that the unknown Bitcoin wallet may indeed be linked to Huobi, deepening the mystery surrounding the destination of the digital funds. Shortly after, the same 1,000 BTC made its way from one of Huobi's wallets to another undisclosed address labeled "1Fbsri." This intricate movement of funds raises questions about the motivations behind such maneuvers and the identities of those orchestrating them. Remarkably, the journey of this substantial volume of cryptocurrency did not end there. On-chain data reveals that the Bitcoin eventually found its way to Binance, the world's largest crypto exchange, further amplifying curiosity about the ultimate destination and purpose of these transfers. The dots. Connecting the dots behind these transactions is crypto entrepreneur Justin Sun, the founder of Tron DAO and a chief advisor at Huobi. Sun's involvement adds another layer of complexity to the unfolding narrative. What prompted Tron DAO to initiate this significant transfer? Who are the intended recipients of these funds, and what are their intentions? These are the questions whose answers could lift the veil of mystery over these movements of millions of dollars in BTC on an ordinary Sunday afternoon.
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