Bitcoin Monthly Forecast – May 2018

It was a great month for Bitcoin and the cryptocurrency market in general. It was a month when there was a large turnaround in the prices of bitcoin and it also was a month when the traders began to believe in the crypto market once again. In that sense, the month of April has proved to be the turning point for the market once again. And we say that the month of April has helped out once again as we have been pointing out that this was the month that we saw some similar turn around last year as well.

Bitcoin Prices Rise

The month of March is generally believed to be a taxation season and hence the prices were going down during that month as the traders and the investors were grappling with the taxes and also scrambling to understand how the taxes would pan out. There was also growing concern over regulation and this has placed a lot of pressure on the BTC prices during the early part of April. But the region around $6600 turned out to be the last stand for the bulls as they managed to keep the prices above that region despite some strong selling from the traders and investors. The price action in that region was an indication that the rebound was near.

It didnt take long as the middle of April saw the cryptocurrency and the BTC markets rebound in a strong manner which saw the BTC prices climb through the $7000 region and then through the $8000 region as well, breaking through some strong regions of selling. By the end of the month, we have seen the prices push through the $9000 and the bulls seem to be determined to push the prices higher in the next bullish leg. The bulls have made their stand clear and it is also clear that they are the ones in control of the market at this point of time.

As the prices move higher, we should see more and more buyers being drawn in. Though some of the traders, who went long at high prices and have been looking to exit with minimum loss, would be looking to sell as the prices move higher, it is likely that they would enter the market once again as the prices pick up and they sense anoother opportunity again. We believe that this is what we are going to see in the upcoming month. Also, we are going to see that the markets have become stable and mature than what they had been in the previous year. The development is going on fine and we are seeing the network get better and more stable.

Bull Run Expected to Continue

Due to this, it is also likely that the speeds of the network would increase and this would in turn help to drop costs even more. This is true not only for the BTC industry but also for the ETH markets as well and for the entire blockchain industry as well. We are also seeing more and more businesses and companies beginning to accept bitcoin as part of the financial ecosystem and more companies have begun to work on the blockchain industry. All these are positive developments as far as the BTC markets are concerned and thats why we believe that the upcoming month of May should see the prices rising even more.

Technically, the region around $10,000 would see the battle between the bulls and the bears but we believe that it would only be a matter of time before this region is breached. Once that is cleared, the next region of resistance is only around $11,500 and hence this should establish the bull control of the BTC markets in the upcoming month. As long as the support around the $8800 region is not broken, the price action should favor the bulls and we should see the prices continuing to head higher in the short and medium term.