Bitcoin prices began in May with similar bullish driving forces as they did in April, pushing the psychologically relevant $100,000 level. As the best cryptocurrencies appear to be returning to bullish trucks, prominent crypto analysts have emerged with some sort of warning from a BTC investor who is very optimistic about Coin’s future trajectory.
BTC prices can continue to move upwards if support is retained
In a May 2nd post on the X Platform, Crypto Platform Burak Kesmeci proposes an interesting outlook on current Bitcoin setups, identifying price levels that are important for the long-term health of the coin. Online experts will jump into potential future movements based on BTC’s price structure and PI cycle top indicators.
The PI Cycle Top Indicator is a prediction tool that uses two main moving averages (short-term 111-day moving average and 350-day moving average) to identify the peak of the Bitcoin Bull cycle. Historically, short-term MA crossovers over long-term MAs have shown the potential price top in the Bitcoin market.
Currently, the moving average of these two Pi cycles is moving in opposite directions, suggesting that Bitcoin prices may still have room for increased in this cycle. At the same time, the 111-day moving average serves as a support level, often signaling the opportunity for investors to buy into the market.
As observed in the chart below, Bitcoin prices tend to bounce back every time they reach a short-term moving average.
According to Kesmeci, the 111-day moving average is above the $91,200 level. This represents the most important support zone as Bitcoin prices approach the weekly time frame. On-chain analysts hope that if flagship cryptocurrencies can close their short-term moving averages in multiple weeks, they will continue to run their current upward prices.
Bitcoin price overview
At the time of this writing, BTC priced around $96,685, reflecting just 0.2% increase over the last 24 hours. The Premier Cryptocurrency doesn’t recreate the red-hot shape of the previous week, but it has now got a strong start to the new month.
The market leader continued to do good Mayform by starting the weekend with $97,800 on Friday, May 2nd. Bitcoin prices have risen by more than 2% in the past seven days, according to Coingecko data.
ISTOCK featured images, TradingView chart