Happycoin.club - Cryptanalyst Adrian Zdunczyk, also known under the nickname crypto_birb, informed his subscribers on the social network X (formerly Twitter), banned in Russia, that the potential target for 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 averages are rising. In addition, the 200-day moving average reached a record high this week above $50,000.
Adrian Zdunczyk added that market sentiment is still in the “greed” phase, according to the Crypto Fear and Greed Index, and mining costs have decreased.
Moreover, Bitcoin's average gain in May during previous market cycles was around 15%. The month's opening at $60,600 implies an end-of-month target of $70,000, the cryptanalyst concluded.
Previously, former BitMEX CEO Arthur Hayes said that the local bottom had already been passed when BTC reached $56,800. This means that the number one cryptocurrency by capitalization will remain in the range of $60,000 to $70,000 until around August 2024.
