- According to YouHodler risk manager Sergei Gorev, technical and fundamental analysis indicators are pointing towards a bullish trend in the cryptocurrency market for May.
- In a recent interview with The Block, Gorev evaluated the current state of the cryptocurrency market, noting an increase in short positions and a significant drop in funding rates.
- Gorev predicts a mid-term level of $80,000 for Bitcoin, but also warns investors to be cautious of a potential drop, as the 61.8% Fibonacci golden ratio level still points to $52,000 and the liquidity there has not yet been taken.
Technical and fundamental analysis indicators suggest a bullish trend in the cryptocurrency market for May, says YouHodler risk manager Sergei Gorev. However, investors are warned to stay cautious.
Indicators Point to Bullish Trend in Cryptocurrency Market
Sergei Gorev, YouHodler risk manager, recently shared his insights on the current state of the cryptocurrency market in an interview with The Block. He noted that technical and fundamental analysis indicators are pointing towards a bullish trend for the month of May. This comes as short positions in the futures market have seen an increase and funding rates have significantly dropped.
Bitcoin Predicted to Reach $80,000 Mid-Term
Within the interview, Gorev also shared his predictions for Bitcoin. He expects the cryptocurrency to reach a mid-term level of $80,000. However, he also warned investors to be cautious. According to Gorev, the 61.8% Fibonacci golden ratio level still points to $52,000, indicating that the liquidity at this level has not yet been taken. This could potentially lead to a drop in Bitcoin’s value.
Bitcoin Price Rises Following Positive US Employment Data
Following the release of positive non-farm employment data from the US, the price of Bitcoin saw an increase of approximately $2,000, rising to $61,500. This further supports Gorev’s prediction of a bullish trend in the cryptocurrency market.
Conclusion
While indicators suggest a bullish trend in the cryptocurrency market for May, investors are advised to remain cautious. With predictions of Bitcoin reaching $80,000 mid-term, there is also potential for a drop to the $52,000 level. As always, market trends can be unpredictable and it is important for investors to stay informed and prepared for any potential shifts.
