After a slow month in which the cryptocurrency market has lost all the progress of the previous months, a recovery could be in store in May, based on the last three Bitcoin halvings.
May has historically been a good month for some cryptocurrencies, but aside from that, three other crypto price predictions have received the most attention.
Bitcoin price surges to $80,000
After falling below $60,000, Bitcoin has recovered somewhat over the past few days and is currently trading at $63,405.79 as of this writing. Analysts believe that this trend will continue for a few days, leading to a sustained rise in the price of Bitcoin. A target of $77,000 could be seen this month, and if the bearish factors no longer dominate, Bitcoin will surge to over $80,000. However, in contrast, if a bearish trend enters the market, the price of Bitcoin could fall to as low as $54,000.
Bitcoin had faced issues breaking through the Fibonacci pivot point of $68,200 in April. A similar trend could push Bitcoin towards the same opportunity. Once Bitcoin breaks through the R1 level of around $73K, the next move will be to target the R2 level of $77K. This will eventually push the value of R3 to the $82K level.
Meme Coin to Rise in May
The meme coin market cap has risen 11% in the past 24 hours, and the trading volume has surged 40%, making for the best recovery in the market. According to many similar analyses and meme trends taking over the cryptocurrency market, cryptocurrency price predictions are talking about the dominance of meme coins in May.
Since 2024, many meme coins with great potential have been launched in the market, bringing huge gains to investors. The list includes Dogwifhat, Popcat, Real Smurf Cat, ERC20, etc. Therefore, the meme craze or meme season may take over the crypto industry in May, and meme coins will become the most profitable cryptocurrency.
Extending the waiting period for Ethereum ETF
The last important cryptocurrency price prediction is the upcoming Ethereum spot ETF decision by the US regulator. Despite the Ethereum ETF outcome date approaching, the US Securities and Exchange Commission (SEC) has not yet given any hint. Following the success of the Bitcoin spot ETF, the Ethereum ETF has become one of the most anticipated events in the eyes of investors. However, due to the ongoing controversy over Ethereum’s status between commodities and securities, the SEC has ignored any discussion on this topic.
As the days go by, the chances of approval seem to be decreasing. At the beginning of the Ethereum spot ETF application, it was considered a done deal, but now the chance of approval has been limited to 35%.
With the results set to be announced at the end of this month, analysts expect more delays in the case. The SEC has been silent for a long time, and such a bad atmosphere in the Ethereum ETF decision suggests a delay, not just a rejection.
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