Skip to content
- Polymarket predicts Bitcoin price may hit $110K, with 90% expecting the Strategy to buy more BTC by May 20.
- US inflation rate at 2.3% boosts optimism for Bitcoin, seen as a hedge against inflation.
- Fear and Greed Index at 73 signals confidence, with bullish indicators backing Bitcoin’s upward trend.
Bitcoin’s price predictions for May are making a lot of noise in the cryptocurrency markets. According to a decentralized prediction platform, Polymarket, 46% of users predict that the price of Bitcoin will go up to $110,000. The other 22% think the price will hit $115,000, and 13% believe that the price will go up to $90,000. This combination of predictions is a testimony to rising expectations on the future price movement of Bitcoin, as it occurs in the near future.
Source: Polymarket
In addition, Polymarket poll revelaed that Strategy, MicroStrategy, will continue to accumulate more Bitcoin. The platform indicates that 90% of the users feel that the business intelligence company will make another purchase before the 20th of May. Strategy’s continuous Bitcoin purchases have sent shock waves across the market, further amplifying interest in Bitcoin’s performance.
Source: Polymarket
Bitcoin’s Bullish Momentum Continues
The recent U.S. inflation data brings more fuel to the optimism towards Bitcoin. The rate of inflation in April was 2.3%, which was below the anticipated mark of 2.4%. This far lower number is an indicator of a stable economic environment, which could turn to be favorable to Bitcoin. This stability has led to a wide range of analysts believing that it is likely to lure even more investors to invest in digital assets such as Bitcoin as a way of hedging against inflation.
The Fear and Greed Index, one of the most popular sentiment indicators for the market, is also pushing toward optimism. The index is currently at 73 and safely into the greed zone. An increased index reading tends to imply confidence by investors and their desire to take greater risks. This serves to strengthen the notion that the price of the BTC may further rise in the near-term.
Source: Alternative.me
Technically, the bullish run of Bitcoin is backed up by positive readings of important indicators. The 50-day and 200-day moving averages are all in an upward trend, indicating that the current uptrend is powerful. However, some traders expect a short consolidation period before the next big move. Despite the positive overall market structure, a short-term pause in the market might present the traders with an opportunity to reposition themselves.
Source: TradingView
Strong Market Momentum
The open interest in the futures market for Bitcoin is $67.47 billion. In the last 24 hours, the market has seen more than $36 million in short positions being liquidated, suggesting a bullish market sentiment. The OI-weighted funding rate of 0.0075% indicates that bullish dominance is still in the derivatives market.
Bitcoin’s price continues to be the center of attention of bothtraders and investors. Following positive technical indicators and high market sentiment, many anticipate the continuation of the cryptocurrency growth, leaving the market on the edge.
