Will BTC reach $93,000 in May? A dip to $30,000 is still possible!
Bitcoin is likely to grow beyond $50,000 in the coming days. But can we be sure it will lead to a new ATH? Check out the thoughts of BTCNEXT analysts and find out!
16–31 March main events
- Crypto.com sponsors The World Cup. The International Football Federation (FIFA) has announced that the Crypto.com cryptocurrency platform will be an official sponsor of The World Cup in Qatar.
- Since the London hard fork activation, the Ethereum protocol has burned over 2 million ETH. Since August 2021, Ethereum has burned more than $7 billion in ETH. The OpenSea NFT marketplace withdrew the highest number of coins from circulation, amounting to more than 230,000 ETH.
- Ronin has been hacked. The Ronin sidechain involved in the blockchain game Axie Infinity has been hacked. Through an exploit, the attacker withdrew crypto assets worth $625 million.
The week closed at almost $47,000 — above the Ichimoku cloud, the EMA Ribbon grid, the middle of the Bollinger channel and above all the moving averages. Oscillators have moved to the bulls’ side — a lot of reasons for the growth. The growth will likely continue to $51,000-$53,000, then a small rollback of 7–10% is expected and another rush to $56,000-$58,000. There will be a stronger 20–25% pullback to the $40,000-$43,000 zone and then a rise to a possible new high of $93,000. A drop below $40,000 looks unlikely, but if that happens, one last return to $30,000-$34,000 should be expected. The last daily candles closed above $47,000, which means the growth continues.
The Fear & Greed Index rose to 60 points, into the greed zone. The funding rate is at 0.01, which indicates the predominance of longs. Open interest continues to push the resistance zone of $19-$21 billion. The bulls are in control of the order book as purchases prevail (Buy: 1.985 BTC vs. Sell: 1.295 BTC).
On absolutely all timeframes, indicators on the bulls’ side, as well as the daily and weekly candles, we see indications of growth. We should expect continued growth to $51,000-$53,000 and $56,000-$58,000, with local rollbacks of up to 7%. The month will most likely close above $50,000. The influx of liquidity into altcoins has begun — the average growth was 10–20% per week. Some coins have even reached new ATHs. The situation looks positive.
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