Markets
Will Bitcoin Reach a New High Before the End of May?
Crypto Market Prediction: The cryptocurrency market was relatively stable on Sunday, with the price of Bitcoin posting a modest 0.3% loss after a two-day rally. The broader market is also showing an overall bullish outlook as BTC is only down 6.7% from the all-time high of $73,800 and the US SEC recently approved the spot Ethereum ETFs.
However, the full potential of this development has not yet been realized, as ETF issuers must await approval of their S-1 registration statements before they can begin trading. According to market analysts, this approval process could take several weeks or even months.
While the crypto market has not yet entered a high-momentum rally, assets like Bitcoin, Uniswap, and Pepe Coin (PEPE) may provide suitable entry opportunities for a new long position.
Read also: Grayscale Bitcoin Dominance Under Threat as Blackrock IBIT Aims for Top Spot
1) Crypto Market Prediction: Bitcoin (BTC)
Bitcoin stands out for its pioneering role in defining the concept of cryptocurrencies. It introduced the idea of digital scarcity through its supply capped at 21 million coins, which contrasts with traditional fiat currencies which can be printed indefinitely by governments.
Bitcoin (BTC)| Commercial view
This week has been particularly volatile for the crypto market, amid mixed market sentiment around the ETH spot ETF, but the BTC Price managed to stay above $66,000. A recent reversal around this level sent the asset up 4% to currently trade at $69,095.
According to coinmarketcap, Bitcoin boasts a market capitalization of $1.362 billion, while 24-hour trading volume plunged 33% to $15.5 billion.
In the daily chart, an ascending trendline leads the current BTC recovery trend. The coin’s price may only need one more reversal from this dynamic support before challenging the $73,800 high and aiming for a new high above $76,000.
2) Uniswap (UNI)
Uniswap (UNI) is a decentralized financial protocol used to exchange cryptocurrencies. It runs on the Ethereum blockchain and enables automatic transactions between cryptocurrency tokens through the use of smart contracts without the need for the central order book of a traditional exchange.
Uniswap (UNI)| Commercial view
May 2 was strongly bullish for Uniswap Price, forecasting a sharp rise from $6.735 to $11.4, recording a 70% jump. This recovery lifted the altcoin above two crucial horizontal levels of $8.35 and more recently $10.4, providing buyers with the next step to lead a rally higher.
At press time, Uniswap coin has a market capitalization of $6.8 and ranks among the top 20 largest cryptocurrencies.
If the recent breakout of $10.4 holds, buyers could pursue a potential target at $13.3, followed by $17.
With current momentum, the 20-day EMA could offer the UNI Price dynamic support to extend the recovery trend.
3) Pepe Coin (PEPE)
Pepe coin (PEPE), also known as Memetic/Pepe Coin, is a cryptocurrency that was originally designed as a fun coin featuring the popular internet meme Pepe the Frog.
Pepe coin (PEPE)| Commercial view
Defying the current market uncertainty, the PEPE Price showed an aggressive recovery this week after its reversal from the uptrend line at $0.00000881. This bullish turnaround sent the asset up 75% to currently trade at $0.0000155 and brought the market cap to $6.4 billion.
With PEPE coin currently in price discovery mode, the traditional pivot level shows potential resistances at $0.0000165, followed by $0.000019.
Read also: Pepe Coin Rallies 13% Amid Meme Coin Sector Recovery, Price Hits New ATH
Key to remember
May was a strongly bullish month for the cryptocurrency market as it gained several assets, as well as Bitcoin, from their previous correction. Additionally, the recent approval of the Spot Ethereum ETF by the US Sec adds to the bullish outlook, indicating the potential for an extended near-term rally.
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