Famous crypto analyst gave his May target for Bitcoin!

Bitcoin, which has relaxed into a critical area with the increase in sell-side transactions, surprised everyone with the comments of experts.

Bitcoin, which has relaxed into a critical area with the increase in sell-side transactions, surprised everyone with the comments of experts.

However, one prominent analyst thinks that the asset has the potential to rise to $70,000 this month, a price it has not seen since April 12. On May 8, Adrian Zduńczyk, also known as “crypto_birb,” expressed his potential target for Bitcoin price in May to his 652,000 X followers.

Additionally, the 200-day moving average broke above $50,000, an all-time high this week. Observing this, Bitcoin pioneer Anthony Pompliano said:

“Don't fall asleep with Bitcoin moving sideways. “The long-term thesis is as strong as ever.”

Zduńczyk added that the technical indicator now has a support level at this price. He said market sentiment is still in the “greed” phase and mining costs have stagnated, according to the Fear and Greed Index. Average gains in previous market cycles were around 15 percent in May. He concluded that opening the month at $60,600 meant his end-of-month forecast target was around $70,000.

Another analyst, “Crypto Caesar”, stated that there is an arguable case for Bitcoin forming a major cup and handle pattern on the weekly time frame. “If Bitcoin starts trending above ATH this summer, I expect a strong upward move and potentially a shorter cycle,” he said.

Earlier this week, Bitfinex reported that some onchain indicators suggest that short-term holders' selling pressure may be easing. Additionally, former BitMEX CEO Arthur Hayes said that markets will remain between $60,000 and $70,000 until August, when #BTC reaches $56,800.

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