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Crypto community with 82% historical accuracy sets Bitcoin price for May 31, 2023

Crypto community with 82% historical accuracy sets Bitcoin price for May 31, 2023

Bitcoin (BTC)  started May above the $29,000 level, however, the leading digital asset’s price subsequently lost support at both $29,000 and $28,000 and has since been struggling to hold above its current support level of around $27,500. 

This trend has sparked interest among investors, who are now keen to know where Bitcoin’s price is headed by the end of the month, especially if it can reclaim crucial resistance levels. The recent bearish moves in Bitcoin’s price have left investors uncertain about its future prospects, and the crypto community over at CoinMarketCap has offered their thoughts on where the price may be headed. 

The predictions are based on the collective opinions of 9,765 members, with an 82% historical accuracy rate based on the accuracy of predictions collectively over six months. According to these estimates, the price of BTC will experience a significant decline by the end of May.

If the estimations of the community’s members prove correct, it would mean that Bitcoin’s price will trade at an average price of $24,753 on May 31, representing a decline of –10.35% or -$2,857 at the time of publication.

Community price estimate for BTC end of May. Source: CoinMarketCap

Bitcoin price analysis 

As of now, the price of Bitcoin is trading at $27,586, representing a decrease of 0.22% in the last 24 hours. Over the last week, the leading cryptocurrency has experienced a decline of 3.75%, which is a notable downturn for investors who have been keeping a close eye on the market.

At the time of writing, Bitcoin’s market capitalization stands at $534 billion, which underscores its importance and influence in the cryptocurrency market.

BTC 1-day price chart. Source: Finbold

Distribution of BTC buying levels

Examining the distribution of purchases made at specific price levels in the Bitcoin market presents an interesting perspective. A visual representation of this data by IntoTheBlock on May 10, reveals a prominent bubble that indicates more BTC was purchased at a certain point.

It is noteworthy that the platforms point out that the historical demand has been scarce below the current price level until reaching approximately $24,000. This observation could indicate a lack of robust buying support in the event of a further downward movement.

Moreover, more robust buying activity is observed in the ranges leading up to $30,000. This aligns with other on-chain indicators that suggest long-term holders are not selling at these levels. Instead of creating resistance during a move up, these points could indicate additional buying pressure if the price recovers in the future.

BTC price levels. Source: IntoTheBlock

It is also important to take note of the decreasing percentage of Bitcoin holders currently in profit, which currently stands at 64.98%. This is the lowest point since March. However, similar drops in the percentage of holders in profit have occurred earlier this year and have proven to be relatively short-lived, thanks to an increase in buying pressure.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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