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April 25, 2023What’s BTCUSDT Bitcoin Price Prediction May 2023
Bitcoin experienced a sell-off around the 30,000 USD mark, dropping below the daily moving average and forming oscillations at the 27,121 level.
Why did Bitcoin experience a sell-off at the 30K price level?
The main reason is that many users who held positions were trapped when Bitcoin dropped from 40,000 USD. Due to the overall bearish economic situation, the market lacked hot money support. These users sold BTC to support their short-term living needs.
BingX TradingView Trading Chart
Due to the short-term sell-off of BTC, institutions have increased their holdings at the current level, so it is predicted that the price of BTCUSDT will form the first support at 26,552.
What is the price forecast for May?
The May forecast is expected to be influenced by two factors: the Russia-Ukraine conflict and the Federal Reserve’s policy of maintaining interest rate hikes in June. Therefore, there are two possible trends for BTCUSDT in May.
The first is a rebound from the 27,121 level to a high of 28,660. The second is a continued decline to a rebound at the 26,550 level, up to 28,660. Regardless of which trend, 28,660 is considered a strong resistance line for BTCUSDT, with an 80% chance of not breaking through this high point, and a retreat to the strong support line at 25,220 at this level.
BingX TradingView Trading Chart
Therefore, in May, the price of BTCUSDT is expected to range from a high of 28,660 to a low of 25,200. There is an 80% probability of reaching a price of 26,500 and a 50% probability of reaching a price of 25,200. This mainly depends on when Bitcoin encounters the strong resistance line at a price of 28,660 in May.
In addition, the possibility of Bitcoin falling below the 25,200 price level in the second quarter is only 30%. Due to the impact of the stablecoin crash earlier, many institutions are increasing their holdings of Bitcoin for hedging purposes. If the price of Bitcoin falls to 25,200, there will be a large influx of buyers.
Due to the bearish market, the risk of spot trading is relatively high. It is recommended that users use contract trading to profit from the current bear market trend.
The above analysis does not constitute investment advice, and Bitcoin trading is a high-risk asset, so users need to make their own decisions.
