Bitcoin Shows ‘Good Signs’ With Analysts Retaining Price Target Of $40K

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On May 15th, Bitcoin saw its highest price over the previous 5 days as a recovery continued following the opening in Wall Street. Data from cryptocurrency aggregator websites indicated that the BTC/USD pair hit the level of $27,666 on Bitstamp.

For Bitcoin Price, $40k Remains The Magnet

Bitstamp saw Bitcoin hold strong over hour-long time periods following the weekly close that saw the price just underneath the mark of $27k. On that day, the equities of the United States remained in a close range, and as such analysts of crypto searched for signs that can indicate the next movement of the markets.

Michael Van de Poppe, Eight’s, a trading firm’s CEO and founder, had a positive outlook on the situation. In a short summary, he said that it was a positive sign that Bitcoin trended upwards and tested $27,600. He continued by saying that taking into consideration that the 200 MA, as well as EMA, held over the weekly timeframe, he thinks that the Bitcoin price will continue climbing to the $38k to $42k range.

Kaleo affirmed the sentiment by saying that he supported the reclaim/breakdown as he displayed a chart mapping a 4 hours timeline of the perpetual swaps seen in the BTC/USD pair on Bybit. Material Indicators, a monitoring resource, meanwhile came to the conclusion that till then, there was no volatility after examining the order book of Binance on BTC/USD.

Trader Skew also explained that spot buyers on Binance were largely controlling the markets. In other parts of the market, there was continued attention on the strength of the US Dollar following a solidly profitable week. This may have resulted in Bitcoin prices hitting their lowest over the previous two months – prices just below the $26k mark.