Bitcoin Price Forecast: BTC Price To Hit $45k by May 20th: Research Analysts Weigh In
The post Bitcoin Price Forecast: BTC Price To Hit $45k by May 20th: Research Analysts Weigh In appeared first on Coinpedia Fintech News
Bitcoin price has stabilized above $30k for the past few days with the bulls still enjoying the majority of market control. However, the four-hour time frame has the top digital asset forming a possible head and shoulder pattern, which is often followed by a price correction. Moreover, the four-hour and daily RSI indicators show a falling divergence.
As the $31k level proves to be a significant resistance level, analysts forecast the breakout will be enormously fueled by short-squeeze sellers. Furthermore, the next Bitcoin price hurdle is expected at around $34k. Nevertheless, such a move could be invalidated if Bitcoin price falls below $25k in the coming weeks, thereby activating the weekly death cross effects.
K33 Analysts on Bitcoin Price Action
According to market research conducted by K33 Research analyst led by senior analyst Vetle Lunde, Bitcoin price is a month away from heating a peak of $45k if history repeats itself. The firm noted that Bitcoin’s long-term holders are unwilling to offload their bags despite a 60 percent drawdown.
“Bottoms in both cycles lasted for approximately 370 days. And the peak-to-trough return after 510 days of both cycles reached 60%. In 2018, the bear market rally topped 556 days after the 2017 peak, on June 29, 2019, with a 34% drawdown from the peak. While history is far from likely to repeat in a similar fashion if the fractal were to continue – BTC would peak around May 20 at $45,000,” K33 Research noted.
The firm noted that Bitcoin’s recovery cycle in 2023, in terms of length and trajectory, is similar to the one experienced in 2018-2019.
Nonetheless, the logic involved is different as the fundamental aspects affecting Bitcoin price this year are not similar to the speculative nature in 2018 and 2019.
