Crypto Experts Predict a New High for Bitcoin in May 2023
Two well-known analysts share the bullish sentiment for the price of Bitcoin (BTC) during these times of economic uncertainty.
Alex Krüger, an economist and crypto trader, has a following of 153,500 on Twitter. He predicts that Bitcoin will hit a new high for 2023 in May. Krüger also notes that Bitcoin is performing well against faltering US regional banks.
Year highs
People too bearish
Small banks rekt
Negative correlation with banks paper is not a fluke
— Alex Krüger (@krugermacro) May 3, 2023
Meanwhile, Kaleo, a pseudonymous crypto strategist with a following of 583,800 on Twitter, is also optimistic about Bitcoin.
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Kaleo predicts that BTC will cross the $40,000 mark in the near future, based on BTC’s performance against the S&P 500 Index (SPX) and a breakout from a diagonal resistance.
Looking at the BTC / SPX ratio, we still haven't even broken above the 2017 ATH.
With BTC continuing to strengthen as its proving to be a safe haven from fear in the banks, a return to the May '22 breakdown level feels pretty intuitive.
That would be ~$40K. pic.twitter.com/XLXnOmS62Y
— K A L E O (@CryptoKaleo) May 3, 2023
Kaleo suggests that if BTC crosses the key $30,000 level, it will likely rally to the upper HTF diagonal trendline, which would put it in the $33,000 to $34,000 range. He also notes that BTC’s value against the SPX will rise to a level last seen a year ago.
At the time of writing, Bitcoin is trading at $28,890, which represents a 2.2% increase over the past 24 hours.
The optimism surrounding Bitcoin’s future performance is based on various factors, including its resilience against regional bank failures and its status as a safe haven asset.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
