Biggest Crypto Market Predictions for May 2024 | BTC, ETH, WIF in Focus

The global market cap has mad a positive start to the month, surging to $2.35 trillion on Sunday May 5, according to Coingecko data. The Fear Greed index also indicates that market sentiment has also improved from extreme fear to neutral.

What does the future hold for the crypto market in May 2024?

Bitcoin Price To Surge To $80,000

After a decline below $60K, Bitcoin has made a recovery in the last few days, thanks to positive tailwinds from recent macro economic indices reported in the US. At the time of writing, it is BTC is currently trading at $63,405.79. Analysts believe this upward trend could continue for a few days, causing sustained upward price movement for BTC.

A target of $77,000 might be seen this month, and if the bearish factors were less dominant, Bitcoin would surge above $80,000. However, in contrast, the Bitcoin price might fall to a low of $54K if the bearish trend entered the market.

Bitcoin had faced issues in April to breach the Fibonacci pivot at $68,200. A similar trend might push Bitcoin towards the same opportunity.

Once Bitcoin surpasses the R1 level of around $73K, it will target the $77K mark next on the R2 level. It will eventually push the value towards the R3 level of $82K.

Meme Coins To Rally In May

In the last 24 hours, the meme coins market cap has increased by 11%, whereas the trading volume has surged 40%, implying the best recovery in the market. Based on many similar analyses and meme trends taking over the crypto market, the crypto price predictions are talking of meme coin dominance in May.

Since 2024, many highly potential meme coins have been launched in the market, offering investors huge gains. The list includes the DOGE, SHIB, Dogwifhat, Popcat, Real Smurf Cat, ERC20, and others. As a result, a meme run or meme season might take over the crypto industry in May, where the meme coins will become the most profiting cryptocurrencies.

Extending Wait Periods On Ethereum ETF

The last important crypto price prediction is the upcoming event of Ethereum Spot ETF decisions by the US regulators. Despite the closeness of the ETH spot ETF result day, the SEC has still not indicated any hints.

The Ethereum ETF has become one of the most awaited events in the eyes of investors after the Bitcoin Spot ETF’s success. However, with the ongoing controversy over Ethereum’s status between commodity and security, the SEC has ignored any discussion on this topic.

With each passing day, the probability of witnessing approval’s chances seems to decline. At the start of Ethereum Spot ETF applications, people believed it to be a done deal, but now the chances of approval have been limited to 35%.

As the result will be out by the end of the month, analysts are predicting for more delays in this case. It is because the SEC has been quiet for a long time, and such a harsh atmosphere in Ethereum’s ETF decision indicates a delay, not just a rejection.