Bitcoin Price Prediction May 2022
The price of Bitcoin has fallen by 3% in the last week, retracing to $38,000. While Bitcoin’s price fell, Ethereum’s price fell by over 4%, and the price of the other top 10 altcoins fell between 4% to 14%.
Earlier this year, when the price of Bitcoin fell below the $39,000 support level and even traded towards $38,000, a bearish trend took hold.
When Bitcoin fell to roughly $37,000 on the first day of May, the price quickly rebounded to around $38,200. The Bitcoin price is now trading at $38,986, up 2.69 percent in the last 24 hours.
What Can We Expect in May of 2022?
The price of Bitcoin fell by 16.2 percent in April, making up for the previous two-month surge in the price of Bitcoin. This is the worst month-to-month performance for Bitcoin.
May 2022’s Bitcoin price forecasts take a varied approach.
After the Federal Reserve raised interest rates, Bitcoin saw a correction as a response. The present performance of Bitcoin Price suggests that if it fails to break through the $39,000 resistance level, it might lead to yet another slump and end up in the $36,000 range.
Bitcoin’s next monthly support is expected to reach $35,000, according to a well-known Crypto trader and analyst who uses Elliott wave theory.
