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The price of Bitcoin has started the month of May with a similar bullish impetus as in the final weeks of April, making a push for the psychologically relevant $100,000 level. With the premier cryptocurrency seemingly back on the bullish track, a prominent crypto analyst has emerged with a warning of sorts for BTC investors extremely optimistic about the coin’s future trajectory.
BTC Price Could Continue Upward Movement If Support Holds
In a May 2 post on the X platform, crypto platform Burak Kesmeci has put forward an interesting outlook on the current Bitcoin setup, identifying a price level that may be critical to the coin’s long-term health. The online pundit dove into BTC’s price structure and its potential future movements based on the Pi Cycle Top indicator.
The Pi Cycle Top indicator is a forecasting tool that uses two major moving averages (a short-term 111-day moving average and the 350-day moving average) to pinpoint the peaks of Bitcoin bull cycles. Historically, a crossover of the short-term MA above the long-term MA signals a potential price top in the Bitcoin market.
As it stands, these two Pi Cycle moving averages are moving in opposite directions, suggesting that the price of Bitcoin might still have some room for upward growth in this cycle. At the same time, the 111-day moving average can act as a support level, often signaling buying opportunities for investors looking to enter the market or double down.
As observed in the chart below, the price of Bitcoin tends to bounce back whenever it hits the short-term moving average.
According to Kesmeci, this 111-day moving average is hovering around the $91,200 level, which represents the most crucial support zone as the Bitcoin price approaches a close on the weekly timeframe. The on-chain analyst expects the flagship cryptocurrency to continue its current upward price run if it manages multiple weekly closes above the short-term moving average.
Bitcoin Price Overview
As of this writing, the price of BTC stands at around $96,685, reflecting a mere 0.2% increase in the past 24 hours. While the premier cryptocurrency has not replicated its previous week’s red-hot form this week, it did make a strong start to the new month.
The market leader continued its good May form by starting the weekend on a positive note, traveling as high as $97,800 on Friday, May 2. According to data from CoinGecko, the Bitcoin price is up by more than 2% in the last seven days.
Featured image from iStock, chart from TradingView
Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.
Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.
Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.
When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.
Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.
Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.
Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.
Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.
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