Bitcoin is currently approaching an important resistance level on the daily charts. The largest cryptocurrency by market cap hit a reverse after touching $94,919. If Bitcoin rallies past $95000, altcoins could follow suit. XRP, ADA and Dogecoin are all down by more than 2% at the time of writing.
As for XRP, the altcoin is holding steady in a long-term bullish pattern, with analysts predicting the possibility for one more price surge before a major correction.
Despite positive longer-term signs, the shorter time frame remains unclear. Recent price action lacks strong structure, and while some micro-support exists between $2.16 and $2.26, the momentum remains weak. A drop below $2.11 would invalidate the current short-term bullish wave count and could delay the rally.
According to analyst EGRAG Crypto, XRP price could be looking at a ‘mega monthly candle close.’ The analyst has his eyes set on $27, but the measured move, as revealed by the chart, targets a massive $55 level.
Will Bitcoin Rally in May?
Now, if Bitcoin rallies, XRP and other altcoins might also record some gains. However, the question is ‘will May be a bullish or bearish month? May is known for the saying “Sell in May and go away,” but Bitcoin’s history tells a different story. Over the past 15 years, Bitcoin has ended 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 returned over 7.9% in May over the last 12 years. This suggests May has often been a good month for Bitcoin, though it’s important to remember that past results don’t always predict the future.
