Can Bitcoin be on the verge of a bullish rise? Analysts see positive signs in May

Bitcoin

BTCUSD

shows signs of a potential upward trend in May, driven by key indicators. Experts have highlighted factors such as miner economics, network hash rate, accumulation by long-term holders, and rising global liquidity of fiat currencies, suggesting that a price increase may be on the horizon.

This comes as the largest cryptocurrency continues its recovery from early April lows, with a 14.6% increase over the past month.

Additional market signals bolster the case for a potential rise. Bridloff noted that long-term holders have accumulated about 150,000 Bitcoins over the past 30 days. This indicates reduced selling pressure in the $80,000 to $100,000 range.