Bitcoin (BTC) has repeatedly tried to break above $30,000 over the past few weeks. However, all attempts to storm this psychological mark have been unsuccessful.
On the night of Monday, May 8, the BTC rate dropped to $28,919. The capitalization of the leading digital currency fell to $560.38 billion.
According to experts, before taking off to $30,000, bitcoin may fall to $25,000. Consolidation is expected in this area, after which the expansion will resume.
If BTC manages not only to gain a foothold in the $30,000 area, but also bounce to $31,000 in case of increased support from the bulls, then the cryptocurrency may enter the May rally phase. It will result in the coin rising to $33,500 with the potential to rebound to $40,000 in June or July.
The banking crisis in the US could be one of the triggers for another run, analysts say. Investors invest in gold and BTC, which they consider to be the safest assets.
The refusal of the US Federal Reserve to raise the discount rate in 2023 may be another factor that has increased the attractiveness of the technology sector and the cryptosphere.
