Bitcoin (BTC) prices have been hovering around $28,000 for the past few days, the previous low seen in April as investors prepare for the Federal Reserve’s interest rate decision on Wednesday, May 3. has lost some of its rise.
The world’s largest cryptocurrency crossed the psychological $30,000 threshold in mid-April for the first time since June 2022. However, Bitcoin has since retreated, dropping about 5% over the period.
Looking to the future, Finbold utilized machine learning algorithms. price prediction To get some insight into the Bitcoin price outlook for the end of May.
Bitcoin is expected to follow a downward trajectory over the next few weeks, ending the month at $28,265, according to algorithms.
Forecasts are based on several well-known technical indicators such as Moving Averages (MA), Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD) and Bollinger Bands (BB). The forecast also suggests a slight drop of 1.3% from Bitcoin’s current price.
Bitcoin price analysis
At the time of writing, BTC is at $28,656, up 2% over the past 24 hours and up just 1% over the past week. Bitcoin’s current market cap is $554.6 billion.
Based on technical analysis, the sentiment regarding Bitcoin price in the 1-day gauge is TradingView are mixed. The summary shows a ‘neutral’ rating of 10 and 7 for ‘buy’ and ‘sell’ sentiment respectively.
The Oscillator is also at 8 suggesting neutral sentiment, while the moving averages are showing bearish sentiment and hold the ‘sell’ rating.
Meanwhile, 32 fintech and cryptocurrency experts said in a survey that they are optimistic about Bitcoin’s performance for the rest of 2023.
According to the findings of the study, these experts said BTC could hit a new high of $35,459 this year, suggesting a price increase of more than 23% from current levels. Still, this prediction is a far cry from Bitcoin’s all-time high of over $69,000, which was reached in November 2021.
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