A well-known analyst in the cryptocurrency market has discussed the possibility of Bitcoin climbing back to $70,000 in May. Since May 3, Bitcoin prices have been steady above $60,000, without any significant changes. However, the analyst believes that Bitcoin could potentially hit the $70,000 mark again this month, a level it has not reached since April 12.

Adrian Zduńczyk, also known as "crypto_birb," shared with his 652,000 followers that Bitcoin's potential target for May is approximately $70,000. He pointed out that the 200-week and 50-week moving averages are on the rise, indicating a bullish market trend. Additionally, the 200-day moving average reached an all-time high above $50,000 this week, as noted by Bitcoin pioneer Anthony Pompliano, who emphasized the strength of the long-term thesis despite Bitcoin's sideways movement.

Zduńczyk highlighted that the market sentiment is still driven by "greed," based on the Fear and Greed Index, while mining costs have stabilized. Historically, May has seen average gains of around 15% in previous market cycles. Given the opening price of $60,600 for the month, Zduńczyk estimated an end-of-month target of around $70,000. Another analyst, "Crypto Caesar," suggested that Bitcoin might be forming a significant cup and handle pattern on the weekly timeframe, indicating a potential rally if Bitcoin can surpass all-time highs this summer.

Bitfinex, a crypto exchange, reported that some on-chain indicators suggest a decrease in selling pressure from short-term holders. Former BitMEX CEO Arthur Hayes predicted that Bitcoin would range between $60,000 and $70,000 until around August after hitting a local bottom at $56,800.

In the crypto market outlook, there was a slight 1.4% decrease to $2.42 trillion in total market capitalization during the recent trading session in Asia. Bitcoin's price fell to $62,629, while Ethereum dropped just above $3,000, a critical support level. Other altcoins like Solana (SOL), Dogecoin (DOGE), and Avalanche (AVAX) also experienced losses.