As usual, CoinsPaid Media asked analysts and cryptocurrency experts to share their thoughts and speculations about what to expect from the crypto market.
Bitcoin to Rise by $14,000
“As US interest rates rose in May and the DXY reached its target level of 105, global instruments began to be sold off. The Nasdaq 100 and BTC correlation worked very well during this period.
Traditionally, all financial instruments are sold off in May. This is due to the fact that traders are heading off on vacation. In June, the reactionary movement in all instruments will likely start, and I expect a $14,000 rise in BTC during this period. The rise will take place as follows: up to $40,200. BTC quotes should hold at $48,650 for more than a day to start a bull market,” shared trader Murat Alayli.
Flat Growth Is Expected after the Storm
According to Sergey Romanov, co-founder of the TON Animals Red List project, there is panic in the market at the moment for several reasons. Firstly, the industry hasn’t had time to recover from the COVID-19 pandemic before geopolitical changes came along. Secondly, the market was shocked by the incident of the stablecoin losing its peg to the dollar and its external attack. All factors have negatively impacted crypto market trends.
“Of course, the question about the end of the crypto market has been raised for the 1,348th time, and for the 1,348th time, it’s predicted to be over, and as always, it won’t happen. But the current situation is caused by a rather unusual combination of reasons. There were many crisis moments that occurred simultaneously, so, the market is very stormy now.”
It’s not that bad: “As you know, the market is perfectly self-regulating and already shows a rebound. We’ve reached certain bottom levels of the current local crisis. We can already see that further movement is going sideways and is already bouncing upward,” Sergey believes.
“It’s not yet known how long the market swing will continue, however, some blockchains feel confident in this crisis,” says the TON Animals Red List project co-founder. For example, TON, compared to other altcoins, behaved about the same way as major cryptocurrencies, which fell by almost 50%, followed by a rebound. There are symmetrical trends in the non-fungible token market. “Right now, the NFT market seems to be very active. There were eight resales in the secondary market of our collection only for a few hours on May 24,” Sergey reported.
“Currently, the panic wave should calm down, the market should become more stable, and then the next growth phase will come. It’s absolutely normal in any market when there is a growth phase, a crisis phase, and then a small decline phase. After that, there is a plateau, where everything goes sideways and levels out, and then the growth phase starts again.”
No Reason to Be Optimistic
Dmitry Noskov, a StormGain exchange cryptocurrency expert, believes that there are no factors for market stabilization and growth at the moment. According to him, Bitcoin will continue to fluctuate around $30,000 and it’s unlikely that the quotations of the main cryptocurrency will rise higher before early June.
“Right now, the crypto market correlates quite strongly with stock markets and they face pressure from policy tightening by the U.S. financial regulator, which is raising rates due to record inflation. Geopolitics, sanctions, and inflation will all weigh on Bitcoin. The bottom for this cryptocurrency can be assumed at the level of $20,000, so, sharp fluctuations in the range of $20,000-$30,000 are possible in the short term,” says Dmitry.
