Closing May, Magic Crypto Predicts Bitcoin Will Be Bullish

Illustration of Bitcoin (photo: Unsplash)

JAKARTA - In addition to celebrating Bitcoin Pizza Day every May 22, last week another important decision occurred in the Crypto Assets industry from the SEC following the approval of the Bitcoin ETF in January 2024.

After delaying the deadline for months, the SEC has finally approved the submission of 8 Ethereum spot ETF apps from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise.

This week, the crypto market is entering its final week of May 2024, where Bitcoin has still seen it rising above 14 percent since May 1 so that its potential to close the month of May bullish, for the first time in three years.

Meanwhile, Tuesday, May 28 this morning, Bitcoin perched at 69,345 US dollars (Rp1.115 billion) up 0.37 percent. Meanwhile, Ethereum (ETH) fell 0.20 percent to 3,875 US dollars (Rp62.3 million).

Crypto's Financial Expert, Panji Yudha said that Ethereum has the potential to surpass the price of $ 4,000 in the near future, driven by news from the Hong Kong Securities and Futures Commission (SFC) is reportedly considering including an Ethereum (ETH) staking option for ETF issuers in Hong Kong.

"Meanwhile, Bitcoin is again rising above US$69,000 (Rp1.11 billion) support if it can last above US$69,000 (Rp1.11 billion) support, then the potential to re-test the US$73,000 (Rp1.17 billion) level", explained Panji.

Meanwhile, if the breakdown supports, the potential will weaken first to support trendline at US$67,000 (Rp1.07 billion). The movement of BTC is also potentially influenced by some US economic data released this week.

There is a release of US economic data this week starting on Tuesday, May 28, where consumer confidence data will be released. On Thursday, May 30, we will see a Yearly report on GDP Growth in the first quarter of 2024, which provides further estimates and insights into economic health from the previous quarter.

"On the other hand, all attention is focused on the release of the US Private Consumption Price Index (PCE) on May 31," he concluded.