Crypto community with 82% historical accuracy sets Bitcoin price for May 31, 2023
The CoinMarketCap cryptocurrency community price estimate is based solely on the votes of its users. Estimates do not guarantee end of month prices.
Bitcoin (BTC) started May above the $29,000 level, but the price of the leading digital asset subsequently lost support at both $29,000 and $28,000 and has since struggled to stay above the current support level 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 regain crucial resistance levels. The recent bearish movements in Bitcoin’s price have left investors uncertain about its future prospects, and the crypto community over CoinMarketCap have come up with their thoughts on where the price might be headed.
The predictions are based on the aggregated opinions of 9,765 members, with a historical accuracy rate of 82% based on the accuracy of predictions aggregated over six months. According to these estimates, the price of BTC will experience a significant decline by the end of May.
If the estimates of the community members turn out to be correct, it will mean that Bitcoin’s price will trade at an average price of $24,753 31 May, which represents a decrease of –10.35% or -$2,857 at the time of publication.
Bitcoin price analysis
As of now, the price of Bitcoin is trading at $27,586, which represents a decrease of 0.22% in the last 24 hours. Over the past week, the leading cryptocurrency has experienced a decline of 3.75%, which is a noticeable decline for investors who have been closely watching the market.
At the time of writing, Bitcoin’s market capitalization stands at $534 billion, underscoring its importance and influence in the cryptocurrency market.
Breakdown of BTC Buy Levels
Examining the distribution of purchases made at specific price levels in the Bitcoin market provides an interesting perspective. A visual representation of this data of IntoTheBlock May 10, reveals a prominent bubble indicating that more BTC was bought at a certain point in time.
Notably, the platforms point out that historical demand has been scarce below today’s price levels before reaching roughly $24,000. This observation may indicate a lack of robust buying support in the event of a further downward move.
Additionally, more robust buying activity is observed in the areas leading up to $30,000. This is consistent with other indicators on the chain that suggest long-term owners are not selling at these levels. Rather than creating resistance during a move up, these points may indicate further buying pressure if the price rebounds in the future.
It is also important to note the decreasing percentage of Bitcoin holders currently in surplus, which currently stands at 64.98%. This is the lowest point since March. A similar fall in the percentage of profit holders has, however, occurred earlier this year and has proved to be relatively short-lived, thanks to increased buying pressure.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
