As Bitcoin’s trajectory continues to captivate investors, prominent crypto analysts share their insights on where they believe the cryptocurrency is headed.
Pseudonymous crypto analyst “Altcoin Sherpa” took to Twitter on 3 May 2023 with a cautious outlook. His tweet suggested an impending drop for Bitcoin back down to its point of control, warning his followers of a choppy environment and advising them to protect their investments. “Don’t lose your $,” he counseled, highlighting the inherent risk of the volatile Bitcoin market.
Michaël van de Poppe, another respected crypto analyst, presented a more optimistic perspective on 2 May 2023. He believes that Bitcoin’s uptrend is not over yet, predicting a likely peak somewhere between $38-42K. Additionally, he suggested that altcoins will begin to show strength once there is confidence in the market, likely 1-2 months from now, particularly after Bitcoin breaches the $30K mark.
Conversely, Justin Bennett questioned the overly bullish predictions on 2 May 2023. He expressed skepticism about Bitcoin reaching $100k or even $50k within the year, given the current trading volume. Bennett pointed out that a rally on decreasing volume typically signals exhaustion, suggesting that Bitcoin might not have the momentum needed to reach those high predictions.
According to data from TradingView as of 1:28 p.m. UTC on 3 May 2023, Bitcoin is trading at around $28,248 on Bitstamp. This reflects a 0.61% increase in the past 24-hour period and a substantial 71.42% increase in the year-to-date period.