Crypto community with 83% historical accuracy sets Bitcoin price for May 31, 2022

Given that Bitcoin (BTC) has been trading between $38,000 and $44,000 for the previous several weeks as it continues to trade sideways, many crypto traders are perplexed as to when the flagship digital asset will experience a sharp move in either direction.

Notably, the CoinMarketCap crypto community considers that the asset will surge 21% from the current price to trade by May 31, 2022, with the target being based on the average of votes by 39,965 members.

The price forecast is based on the average of the past six estimations made by the crypto community, which has historically predicted Bitcoin prices with an accuracy record of 83.29%.

Meanwhile, 24,872 community members have set a goal of $43,713 by June’s end, +$4,909 from the current price but down on May’s estimate. The prediction comes as Bitcoin dropped below the critical $40,000 mark. 

In the face of global market turmoil, market speculators are eagerly watching the performance of Bitcoin as a safe haven asset, especially given that BTC is down -16.09% year-to-date.

Bullish scenarios in play for Bitcoin

It’s worth mentioning that a break above the $39,300 barrier, as well as the weakening of the U.S. dollar index (DXY), are two possibilities that, according to the prominent cryptocurrency trading analyst Michaël van de Poppe, might cause the Bitcoin price to turn bullishly higher.

“There is an entire level at around $39,300 that has to flip for support and that could be a trigger for longs overall<..> If we sweep the low and reclaim $37,000 or if we break $39,300, and the DXY starts to reverse, I think that Bitcoin will find a serious run,” he said.

Elsewhere, the Central African Republic (CAR) has joined El Salvador on the list of nations that have formally adopted Bitcoin as legal tender, after passing a statute regulating cryptocurrencies on April 21.

Uncertainty exists as to whether or not this significant piece of news will drive Bitcoin’s price toward the level the crypto community believes the cryptocurrency will reach by the end of May.

Currently, Bitcoin is trading at $39.081, up 0.14% in the last 24 hours and down 5.55% across the previous seven days.

While the overall market cap of Bitcoin stands at $742 billion, with 41.4% total market dominance.

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