"You can't say interest has cooled." What will happen to Bitcoin at the end of May
Analysts interviewed by "Soft4bro.com" named bitcoin price movement targets at the end of May
The analysts interviewed by "Soft4bro.com" told what provokes the interest of investors in the cryptocurrency, what events affect the change in bitcoin, and what marks it can reach at the end of the month.
On May 24, bitcoin (BTC) is trading at $27 thousand, since the beginning of the month the rate of the coin has lost about 9%.
BTC/USD
26 700 -620 (-2,27%)
May 24
Interviewed analysts told what provokes the interest of investors in the cryptocurrency, what events lead to changes in its course, and what marks the bitcoin price can reach at the end of the month.
"It will still go up in price."
Head of AMarkets analytical department
Bitcoin after the recent drawdown gained more than $660 and confidently crossed the mark of $27 thousand. Temporary weakening can be associated with the instability of the U.S. banking sector. Recession inevitably leads to a rise in the price of credit rates for individuals and companies, and investments lose profitability. Investors are therefore inclined to invest in conservative instruments such as government bonds.
The U.S. Treasury is now actively working to reduce inflation, and if it succeeds, cryptocurrency will grow again.
When the economy is booming and the investment climate is improving, investors tend to diversify their portfolios with high-risk assets. So even with the current Fed rate, bitcoin will still appreciate, just a little slower.
So, the optimistic forecast for the end of May: is up to $30 ths, realistic one - about $27,5-28 ths. I don't expect the collapse of the rate.
"No negative news for the crypto market."
BitRiver financial analyst
On the morning of May 24, the bitcoin exchange rate fell sharply by almost 2%, momentarily falling to $26.6 thousand. It is important that the cryptocurrency held above the crucial mark of $26.5 thousand - it acts as a strong support.
Among the main factors, which influence financial markets, including cryptocurrency: the expectation of the deal on the US debt ceiling, as well as the publication of the May minutes of the US Federal Reserve meeting.
Yesterday another round of talks on the debt ceiling between Joe Biden's representatives and Republicans ended, but there is no progress. This restrains the activity of buyers.
Representatives of the Fed have different views on further interest rate changes. The probability of keeping the rate at the June 14 meeting is declining: it is now estimated at 68.7% versus 77.5% as of May 16.
There is no negative news for the crypto market at the moment, so consolidation plays for the buyers. The situation may change if the bitcoin rate falls below $26.5 thousand, in which case we can expect the negative dynamics to strengthen.
On the contrary, if the buyers manage to overcome the resistance of $27.5, we can expect further sharp growth of quotations.
Until the end of May, there is a high probability of continuation of lateral movement of the bitcoin rate. Already after June 1, according to seasonal cycles, the cryptocurrency may show short-term price growth up to $34k.
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