After Elon Musk’s announcement that he would no longer accept Bitcoin as payment on the Tesla website, the main cryptocurrency fell from $58,000 to $46,000 and is currently trading around $49,500.
Currently, on May 15, BTC is trading below $50,000, having closed below the MA33 moving average (purple line in the chart below).
As we wrote earlier, with a high degree of probability, we expect Bitcoin to rise to the level of $40,000, we wrote about this on April 23: The fall of Bitcoin to $40,000. But if this level does not hold, then we will instantly drop to $30,000 in the next 24 hours, since there is actually a void between these levels.
Bitcoin (BTC) rate forecast for May 2021
Bitcoin rate forecast for May 2021
Bitcoin price forecast for May 2022. A decrease to $40,000 and $30,000 and a subsequent recovery phase (sideways), smooth accumulation until the end of May with the beginning of growth in June.
Bitcoin may have reached $30,000
Expert opinion
According to the forecast of expert Nikita Soshnikov, who holds the post of director at the digital currency exchange service Alfacash, the price of Bitcoin may drop to $35 thousand, but not for long. Then the rate will jump again. In the next few days, the cost may fluctuate from $35 thousand to $42 thousand.
Against the backdrop of fresh news from China, the price of Bitcoin fell, but this affected only novice investors. Old-timers of the crypto market are calmly waiting out temporary turbulence without leaving the asset. They are accustomed to the fact that China bans cryptocurrency transactions every year.
Bestchange.ru analyst Nikita Zuborev suggests that with the long-term dominance of negative news feeds, the Bitcoin rate may soon drop to $32 thousand. This scenario will not affect the long-term trend of the first cryptocurrency. With a high probability, we can predict the exchange rate of $100 thousand in the spring of 2022.
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Sergey Zhdanov (SEO of the EXMO crypto exchange) claims that the market, after the statement by the Central Bank of China, is in the so-called. bearish trend. There are not enough buyers who can reverse the trend with large purchases; quotes can drop to $35 thousand.
Reference!
After reaching a peak of $65 thousand, the number of BTC among short-term holders has been steadily decreasing, while among long-term holders it has been increasing, Glassnode analysts reported.
Zhdanov’s forecast is supported by the head of the AMarkets department, Artem Deev. He does not rule out that China's policies will have global consequences for the global digital asset market. The AMarkets expert does not predict a return of Bitcoin to the level of $50 thousand.
According to the CEO of Xena Financial Systems, Anton Kravchenko, after the September fall in the exchange rate, there has been a tendency to restore the value of Bitcoin. The analyst suggests that growth is likely to continue until the end of 2022.
Update May 19, 2022 - Crypto market crash
After Tesla refused to accept bitcoins, the main cryptocurrency dropped below $64,000 to around $45,000.
And so on May 19, 2022, a series of (possibly customized news) came out, firstly, a statement by Chinese associations about the beginning of a ban on the use of cryptocurrencies by payment systems in China. The next stunning news, again on May 19th, was a statement from Morgan Stanley that institutional investors were selling Bitcoin and moving into gold.
Both statements caused a Panic Sell among young wallets (up to 6 months), and wallets bought back this drop for more than a year.
Perhaps the cryptocurrency is flowing from weak hands to strong ones, because in addition to two statements that in fact did not affect anything, there was a large-scale market collapse.
Bitcoin price forecast will be related to the decisions of large cryptocurrency holders
Elon Musk has become the main person influencing the cryptocurrency market this year. First, Tesla Corporation purchased $1.5 billion worth of bitcoins and gave customers the opportunity to buy cars with cryptocurrency. As a result, on February 9, 2022, the price of Bitcoin jumped to $48,000. This news brought a lot of positive news to market participants. Everyone immediately hoped that Bitcoin could become part of the universal financial system.
Already in April of this year, data appeared that Tesla Corporation sold about 10% of its bitcoin reserves.
Elon Musk announced in May of this year that Bitcoin can no longer be a means of payment. As he clarified, mining and cryptocurrency transactions require a lot of electricity, which requires large volumes of environmentally polluting sources, including coal. After similar messages from the head of Tesla, Bitcoin quotes dropped to $43 thousand.
According to the information publication comandir.com, the price of the cryptocurrency has decreased due to decisions of the Chinese authorities. The Celestial Empire introduced a ban on any financial services in electronic currencies. After that, Bitcoin even fell to $30,000. The fall in Bitcoin prices also pulled other cryptocurrencies with it. Then Elon Musk once again made a statement that Tesla would not yet sell all of its assets in Bitcoin.
Elon Musk on Bitcoin's fall to $30,000
Elon Musk: “Tesla has
