Bitcoin (BTC) is currently approaching an important resistance level on the daily charts. The largest cryptocurrency by market cap hit a slight rebound after touching $94,919. If Bitcoin price rallies past $95000, we might also see some recovery in altcoins. XRP, ADA and Dogecoin are all down by more than 2% at the time of writing.
As for XRP, the altcoin is still holding in a long-term bullish pattern, with analysts saying there might be one more price increase to come before a big correction.
Despite the good signs in the longer time frame, the shorter time frame remains unclear. The recent price action doesn’t have a strong structure, and while there is some minimal support between $2.16 and $2.26, the momentum remains low. A fall below $2.11 would cancel the current short-term bullish wave count and could delay the rally.
According to analyst EGRAG Crypto, XRP price could be setting up for a ‘mega monthly candle close.’ The analyst has his mind set on $27, but the measured move, as shown by the chart, is aiming for a huge $55 level.
Will Bitcoin Price Rally in May?
Now, if Bitcoin price does rally, we might also see XRP and other altcoins post some gains. But the question is will May be a bullish or bearish month? May is recognized for the saying "Sell in May and go away," but Bitcoin’s history tells a different tale.
Over the last 15 years, Bitcoin has finished May with gains 9 times and losses 6 times—that’s about 67% of the time in the green.
Data from Coinglass also shows that, on average, Bitcoin has generated over 7.9% in May over the last 12 years. This indicates May has often been a good month for Bitcoin, although it’s best to keep in mind that past performance isn’t a guarantee of future results.
