Much of the cryptocurrency market has been going through a tough time in recent weeks. At best, the coins are trading sideways. In this environment, the highly accurate CoinMarketCap crypto community forecasts BTC and ETH price for the end of May.
Crypto community sets BTC price for May 31
cryptocoin.com As you follow, Bitcoin (BTC) started May above the $29,000 level. However, BTC price later lost both the $29,000 and $28,000 support levels. This trend has sparked interest among investors who want to know where Bitcoin’s price will head by the end of the month, especially if it can retrace key resistance levels. The recent bearish movements in Bitcoin’s price have left investors uncertain about their future prospects.
The crypto community at CoinMarketCap predicted the end of May BTC price with the consensus of 9,765 members. Meanwhile, it’s worth noting that the community’s 6-month forecasts have a historical accuracy of 82%. According to the latest forecasts, the BTC price will experience a significant drop by the end of May. If community members’ predictions come true, Bitcoin’s price will trade at an average of $24,753 on May 31. This represents a 10.35% reduction from the price at press time.
Community price forecast for BTC end of May / Source: CoinMarketCapBTC price performance
As of now, Bitcoin price is trading at around $27,000. BTC has dropped 2.43% in the last 24 hours. Last week, the leading crypto fell 6.2%. This means a significant decline for investors who follow the market closely. At the time of writing, Bitcoin has a market cap of around $522 billion. This underlines its importance and influence in the cryptocurrency market.
BTC 1-week price chart / Source: CoinMarketCapDistribution of BTC buying levels
Crypto analyst Jordan Major examines the distribution of purchases made at certain price levels in the Bitcoin market. This provides an interesting perspective. A visual representation of this data on May 10 by IntoTheBlock reveals a prominent bubble showing that more BTC was bought at a certain point. It is noteworthy that the platforms pointed out that historical demand was little below the current price level until it reached around $24,000. This points to the lack of solid buying support on further downside moves.
Also, there is stronger buying activity in the ranges up to $30,000. This indicates that long-term holders are not selling at these levels. It is also compatible with other on-chain indicators. These points may indicate additional buying pressure should BTC price recover in the future, rather than creating resistance during an upside move.
BTC price levels / Source: IntoTheBlockIt is also important to note the declining percentage of Bitcoin holders currently in profit. This rate is currently 64.98%. This is the lowest point since March. However, there were similar declines in the percentage of profits earlier this year. They have also proven to be relatively short-lived thanks to the increase in buying pressure.
Crypto community sets ETH price for May 31
Ethereum (ETH) has also been no exception to the incoming mood in the market. Also, the crypto community doesn’t seem to expect much development in the near future. A total of 1,388 votes from members of CoinMarketCap put the average price of Ethereum at $1,834.52 for May 31. If the CoinMarketCap community’s prediction comes true, it would represent a modest 0.75% increase from the current ETH price.
ETH end of May price prediction / Source: CoinMarketCapMeanwhile, the community on the crypto tracking platform has a historical accuracy of 90.24% in predicting the average price of the digital asset. In other words, it makes it a useful tool for investors to experiment and measure market sentiment and future price trends.
ETH 6-month forecast accuracy / Source: CoinMarketCapEthereum price analysis
Currently, Ethereum is trading at $1,789, down 3.49% on the day. Also, the altcoin saw a 4.65% drop over the previous week. On the monthly chart of the leading altcoin, there are cumulative losses of 5.11%.
Ethereum 7-day price chart / Source: CoinMarketCapAccording to analyst Ali Martinez, ETH has previously breached a significant demand wall between $1,850 – $1,905. This situation should also be noted. As Martinez pointed out, ETH needed to regain this critical support level for it not to drop any further.
