The price of Bitcoin (BTC) has been hovering around the $28,000 mark in the past few days, losing some of the previous gains it saw in April as investors brace for the Federal Reserve’s interest rate decision on Wednesday, May 3.
The world’s biggest cryptocurrency exceeded the psychological $30,000 threshold in mid-April for the first time since June 2022. However, Bitcoin has retreated since then, dropping around 5% over the period.
Looking ahead, Finbold has tapped the machine learning algorithm at PricePredictions to gain insight into Bitcoin’s price outlook for the end of May.
According to the algorithm, Bitcoin is expected to follow a downward trajectory over the next few weeks and end this month at $28,265.
The forecast is based on several well-known technical indicators, including moving averages (MAs), relative strength index (RSI), moving average convergence divergence (MACD), and Bollinger Bands (BB), among others. The prediction also implies a slight drop of 1.3
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