Bitcoin’s price has been stuck between the $38k and $43k level for a while now. While it’s good that we haven’t broken further below, it’s a matter of time before the correction extends or a rally begins. Recently, the crypto community has predicted that Bitcoin’s price will hit the $47.8k level by May 31, 2022. The historical accuracy of the community’s prediction has been 83%, so there is a 4 of 5 chance that we will get there.
Coinmarketcap’s price prediction tool
Coinmarketcap has a voting tool that lets users predict the future price of different crypto assets. In the same, Bitcoin’s May 31 estimate for the year was $46,878.82 on the basis of nearly 40k votes. It is a 19% jump from the current price of Bitcoin at $39.4k. However, the average of votes can be manipulated if someone or a group of people predict a very high price. In that case, we need to look at the median price, which is slightly below $46.4k.
There isn’t much optimism regarding the price targets if you look at it. While $46.8k is 20% on the upside, it is still much below $50k, which we need to cross if the bull run needs to resume. At the same time, the June estimate of the price is lower than May at $43.7k.
Bullish or bearish?
I am at a neutral spot right now. The range between $38k-$42k is the level from which we could extend correction or see significant gains. If we break below $38k, which has been major support till now, the price could extend losses and move to $37k, $36k, or even lower. Alternatively, if we break $42k, there is a chance that higher levels with resistance might be retested. It doesn’t ensure a rally, but there is undoubtedly a chance.
If you are planning to trade, this level is great for swing trades with stop losses above and below the critical points. And if you are an investor, just keep stacking whenever there’s a dip or do a weekly SIP to accumulate and average no matter the market conditions.
Do you think Bitcoin’s price will hit the predicted level by May 31, 2022? If no, then what is your estimated price? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Bitcoin’s electricity usage drops by 25% in Q1 2022
