Will Bitcoin return to the $70,000 level before the end of May?
Cryptoanalyst Adrian Zdunchik, also known under the nickname crupto_birb, informed his subscribers on social network X (formerly Twitter), which is banned in Russia, that the potential target of Bitcoin in May is about $70,000.
The analyst said that Bitcoin is now on the eve of a bull market as the 200-week and 50-week moving trends are rising. In addition, the 200-day moving average reached a record level this week and exceeded $50,000. Adrian Zdunczyk added that market sentiment is still in the az “greed,” according to the Crypto Fear and Greed Index, and mining costs have decreased. Moreover, the average increase in Bitcoin in May during previous market cycles was about 15%. The opening of the month at $60,600 implies an end-of-month target of $70,000, the cryptanalyst concluded. Previously, the former CEO of BitMEX Arthur Hayes said that the local bottom had already been passed when BTC reached $56,800. This means that the first cryptocurrency in terms of capitalization will available in the range from $60,000 to
$70,000 approximately until August 2024.
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