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Bitcoin will close in May between $ 32.000 and $ 48.000 according to Kuptsikevich

Il price Bitcoin failed to break through the $ 40.000 barrier, indicating that confidence in the cryptocurrency it still remains quite weak. BTC has been falling for more than a month and if it breaks the $ 38.000 support, it could drop to $ 32.000. While the cryptocurrency market is now bearish, another collapse is unlikely, at least until the FOMC meeting concludes.

The enthusiasm of traders in the cryptocurrency market continues to erode due to the prolonged fall of the market and geopolitical uncertainty. And, in this scenario, the well-known trader Peter Brandt estimated a Bitcoin price test under $ 32.000.

Brandt said in a recent tweet that Bitcoin has completed a bearish course, falling below the $ 38.000 level in the past 24 hours. He therefore expects a $ 32.000 test in the near future. However, his $ 28.000 estimate is alarming his followers. Furthermore, on-chain data does not bode well for Bitcoin as profit transactions have increased indicating that profit taking may be taking place at higher levels.

Despite lingering concerns about the cryptocurrency market's significant correlation with equities, analysts remain bullish on that asset class. Placeholder VC expert partner Chris Burniske believes Bitcoin ed Ethereum have dominated the stock market for years and will continue to do so.

Burniske said in a tweet that the cryptocurrency market has "held up quite well" compared to high-growth stocks. Although BTC and ETH have lost around 40% from their all-time highs, several high-growth stocks have dropped between 60% and 80%.

According to on-chain data from the analytics platform Santiment, traders' confidence in BTC's recovery of the $ 40.000 level appears to be waning. The profit / loss ratio data of BTC and ETH suggests a significant 12,5 to 1 ratio between profit and loss transactions. Hence, the likelihood of BTC slipping below $ 32.000 appears to be high as confidence continues to decline and whale purchases remain low.

Yet, Alex Kuptsikevich, senior market analyst at FxPro, predicts Bitcoin will be trading between $ 32.000 and $ 48.000 by the end of this month. "May is considered a relative success for BTC in terms of seasonality. Bitcoin has ended the month up seven times and down four times in the past 11 years“, Says Kuptsikevich, who said he made this projection based on the cryptocurrency's average gain of 27% and the average loss of 16% in May, for a total gain of around 11%.

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Roberto Rais

A great cryptocurrency expert and a long time collaborator. He actively follows several specialized Blogs in the cryptocurrency sector as Editors

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