Bitcoin recently managed to reclaim the $80,000 level, but the bulls are not out of the woods yet.
Some traders might be too complacent to ignore the bullish trend: BTC has never recorded three bearish trends during a bear market.
For now May remains in the red, but the bulls are on a very fragile ground.
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The flagship cryptocurrency suffered rather severe double-digit percentage drops in January and February. However, Bitcoin has since managed to eke out a 1.81% gain in March. This was followed by a much more decisive 12% surge throughout April.
"Be ready for May to close red," the analyst warned, suggesting that the current rally is a temporary bear market trap rather than the start of a sustained macro reversal.
Bitcoin's $82,000 target
Bitcoin recently suffered a sharp rejection at the local multi-month high of $82,227 on May 6.
The selling pressure eventually exhausted itself over the next two days, with the price bottoming out just below the $79,250 mark on May 8.
By May 10, the asset had climbed back up to the $80,740 range. As of now, the price is consolidating within a tight channel.
If the bulls fail to break and hold higher ground in the coming weeks, the overhead resistance could easily trigger another downturn.
As reported by U.Today, Jeff Park, an advisor at investment firm Bitwise, recently predicted that the price of the leading cryptocurrency could potentially explode if it hits $82,000, which appears to be the pivotal resistance level at the moment.
Growing institutional demand
For now, the momentum remains rather bullish, with Bitcoin ETFs seeing more than 623 million worth of inflows.
As noted by popular cryptocurrency trading platform Bitfinex, Bitcoin’s institutional flows are now changing to structural.
Hence, BTC bulls might actually buck the bearish trend.
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