Bitcoin is on the verge of reaching a crucial resistance level on the daily charts. The leading cryptocurrency experienced a reversal after hitting $94,919. If Bitcoin manages to surpass $95,000, other altcoins could see a similar uptrend. XRP, ADA, and Dogecoin are currently down by more than 2% at this moment.
Regarding XRP, the altcoin is maintaining a stable position within a long-term bullish pattern, with analysts speculating a potential price surge followed by a significant correction. However, the short-term outlook remains uncertain. Recent price movements lack a strong structure, and while there is some minor support between $2.16 and $2.26, the momentum appears weak. A drop below $2.11 could negate the current short-term bullish trend and postpone any potential rally.
Analyst EGRAG Crypto suggests that XRP’s price could be gearing up for a ‘mega monthly candle close.’ The analyst has set a target of $27, while the chart indicates a potential surge towards the $55 level.
Will Bitcoin Rally in May?
If Bitcoin experiences a rally, XRP and other altcoins may also see positive movements. However, the question remains: will May be a bullish or bearish month? While the traditional saying “Sell in May and go away” is often associated with the month, Bitcoin’s historical performance tells a different story. Over the past 15 years, Bitcoin has ended May with gains 9 times and losses 6 times, resulting in a 67% chance of a positive outcome.
Data from Coinglass indicates that, on average, Bitcoin has yielded over 7.9% returns in May over the past 12 years. This suggests that May has historically been a favorable month for Bitcoin, although it’s essential to remember that past performance is not always indicative of future results.
