Key Takeaways
- Bitcoin price prediction for May gains more momentum following a strong April close.
- Bitcoin price hangs near $97,000 as traders expect a price breakout following unchanged FOMC data.
- A breakout and close above $100,000 could see BTC price rally to a new all-time high of $120,000 to $130,000.
The price of Bitcoin has seen over 25% price bounce from its low of $74,800 as price trades above $93,000 for the first time in three months since the price of Bitcoin (BTC) crash from a high of $109,000 as price regains its bullish price action with a strong potential Bitcoin (BTC) price prediction could see price trade to new highs.
Bitcoin’s price currently faces resistance around $97,700 as bulls try to break above this region. This prevents the price from a strong rally towards a high of $100,000 ahead of a scheduled U.S. FOMC (Federal Open Market Committee) meeting. The market is currently trading cautiously, with expectations set for $100,000 and beyond highs.
On-chain and ETF inflow in the past few weeks has shown strong bullish market sentiment for Bitcoin and altcoins, following a strong structural market shift that broke above its daily $95,000 in the past week. Key metrics have also emerged, favouring May as a strong month for a potential Bitcoin price hit of $100,000.
Bitcoin (BTC) April Close Set The Tone For Rallies
The price of Bitcoin (BTC) saw a strong monthly close following a strong bullish breakout from a three-month price crash of over 50%, breaking a long bearish trend as BTC’s price rallied towards a high of $94,000.
Despite minor rejection, the price of Bitcoin (BTC) failed to break above its key resistance of $98,500, trading towards $94,000 ahead of its monthly close of April. The price of Bitcoin (BTC) eventually closed the month strong, setting up the tone for bullish price action for May, as Bitcoin (BTC) price prediction hints at a possible price rally to $100,000 and beyond in May.
While BTC’s price trades above $90,000, it faces strong resistance around $98,000. A breakout above this zone could see bulls rally to potential new all-time highs.
Bitcoin Price Prediction For May
Source – BTC Price Chart From TradingView
Bitcoin’s price prediction for May could play out if BTC breaks above its resistance of $97,800, preventing the price from a strong rally towards its high of $100,000. Price trading towards or above this zone could see a strong rally above its previous all-time high of $109,000 to $120,000 or more.
Overall, price action for BTC is bullish above its 50-day and 200-day EMAs, with bulls dominating price to the upside since its bearish breakout and reclaiming its price above $90,000, which acts as a strong psychological level of support.
