Over the past week, Bitcoin is down by 3% as the price retraced around $38,000. While BTC price declined, so did Ethereum by more than 4% and other top 10 altcoins dropped from 4% to 14%.
Bitcoin’s bearish pull started after the price was pulled below the $39,000 support zone and the flagship currency even saw the price trading around $38,000.
On the first day of May, Bitcoin declined to hover around $37,000 but that didn’t last long as the price saw a move above $38,200. At the press time, the Bitcoin price is trading at $38,986 with an increase of 2.69% over the last 24hrs.
What’s In For May 2022
In the month of April, the Bitcoin price saw a decline of 16.2% making up for the previous two-month rise. This is considered the worst performance of Bitcoin in just a month.
The Bitcoin price predictions for the month of May 2022 have a mixed approach.
After the Federal Reserve’s rate hikes, Bitcoin had its aftereffects resulting in a correction. While considering the current performance of the flagship currency, we can say that if Bitcoin Price fails to clear the $39,000 resistance, then this can lead to another fresh decline and drag the price around the $36,000 zone.
A closely followed Crypto trader and analyst who considers Elliott wave theory, predicts Bitcoin’s next monthly support will be at $35,000
Another well-known crypto investor and trader, Lark Davis compares Bitcoin’s price with 2018 and claims Bitcoin to bottom at 10K
Also, Warren Buffet, stated that even if all the Bitcoin in the world is offered to him for $25, he wouldn’t purchase it because he doesn’t consider Bitcoin as a productive asset providing any returns.
Bullish Stance By Bitcoin Proponents
On the contrary, though the world’s largest cryptocurrency by market cap is in its correction phase, the month of May is considered a relative success zone for Bitcoin. Bitcoin is holding its price above its 6-month low below $34,000 which was seen in late January.
According to Mathew Hyland, a technical and on-chain data analyst, Bitcoin will reach $100,000 by 2022.
Meanwhile, the crypto community seems to be bullish as many are of the opinion that Bitcoin will see a bull rally in May.
However, Warren Buffet was slammed for his comments on Bitcoin by Bitcoin proponents with the following tweets.
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Source: https://coinpedia.org/bitcoin/bitcoin-btc-price-is-set-to-perform-in-the-month-of-may/