April was an interesting month for the cryptocurrency market, characterized by high volatility, new yearly highs, and a sharp drop. BeInCrypto looks at the crypto predictions for the upcoming month of May

The month is drawing to a close and the volatility has nearly dissipated completely. However, the month of May could bring excitement back to the cryptocurrency market.

Below are the biggest crypto predictions for May, relating to Bitcoin, the cryptocurrency market, and other popular cryptocurrencies.

Bitcoin (BTC) Price Will Reach Its First Bearish Monthly Close in 2023

The Bitcoin price has created three successive bullish monthly candlestick closes. Unless the price closes below $28,476 in the last two days of April, the monthly candlestick will also be bullish, leading to the fourth successive such candlestick. 

However, the future outlook for May does not look so bright. The main reason for this is the negative reaction to the $31,000 horizontal resistance area.

While the BTC price initially moved above it, it was rejected sharply, initiating a short-term drop. The area is crucial since it has intermittently acted as both support and resistance since the beginning of 2021.

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Author: Valdrin Tahiri

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