Bitcoin Price Prediction as BTC Consolidates Around $26K

Pathik Bhattacharya
Pathik Bhattacharya
Published on May 22, 2023 09:49 AM

Bitcoin hovers near $26K as market sentiment remains optimistic on Monday.

Bitcoin Price Prediction as BTC Consolidates Around $26K
Source: Unsplash

Bitcoin price prediction is again trapped inside the $26K whirlwind. BTC on Monday is looking somehow bullish as investors rushed into the market as crypto adoption is getting stronger in other nations. Recent news coming from India, where on top of two earlier recommendations, a new proposal is likely to be made to the Indian State government to reestablish the usage of the country's Unified Payments Interface (UPI) for crypto exchanges operating in India.

The latest discovery comes after the group in charge of the real-time interbank payments network stated in 2022 that it was unaware that crypto exchanges were using the UPI service.

Noteworthy, Bhutan is significantly investing in bitcoin mining and infrastructure in order to keep cryptocurrency inflows within the nation. After teaming with Singaporean outfit Bitdeer, one of the world's top bitcoin miners, Druk Holding & Investments will begin pitching to investors this month to fund up to $500 million for a crypto mining operation. Let's see what Bitcoin price prediction reveals after these changes to BTC price.

Bitcoin Price Prediction as BTC Halving Pattern May See a Shift

In a recent thread, an intriguing concept was proposed: Bitcoin's investment cycles may be fading. Because the absolute reduction of newly mined Bitcoin lowers over time owing to halving occurrences, the impact on the cryptocurrency's value may be less pronounced than previously.

This shift does not signal the end of Bitcoin's bull runs, but rather a shift in their character. Future bull runs may be less obvious, but they may last for longer periods of time. This transition may result in a more consistent growth trend, making Bitcoin a less volatile but still rewarding investment alternative.

Thus, As a result, the next bull run, forecast for the end of 2023, will most likely follow in the footsteps of past ones but later on it might change which can affect Bitcoin price predictions in future.

Bitcoin Price Prediction: May

On Monday, Bitcoin is showing minimal price movement and reduced volatility, with major resistance above the $27,250 level. 

This resistance is due to the existence of a descending triangle formation, which indicates a neutral feeling among investors looking for fundamental elements to decide the market direction. A descending triangle pattern, on the other hand, corresponds to a bearish action later on.

If the pattern is broken to the upside, it may indicate that the bullish trend will continue, with potential resistance levels at $27,700 and possibly higher at $28,200.

Notably, major technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are now reflecting a neutral position, implying that a break above the $27,250 resistance level is possible.

bitcoin price chart

Source: TradingView


In conclusion, Bitcoin price prediction reveals that the current Bitcoin sentiment is positive due to various development in the field as well as the wide acceptance of cryptos around the world. Also, the key technical indicators are pointing towards a bullish breakout. Overall, the Bitcoin price prediction is positive.

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