Bitcoin (BTC) has seen a volatile period in recent months, with large price movements and stretches of consolidation. On May 5, Michael van de Poppe, a cryptocurrency trading expert, commented on BTC's current market movements and mentioned that the currency is "flipping levels and back in the range". He also mentioned his expectation of Bitcoin's price to reach $30,500 and gave potential momentum of this number. Though, according to van de Poppe, the probable result could be based on upcoming news surrounding the economy.

Technical patterns, such as rising wedge patterns, are frequently used by traders to identify potential reversals and find critical pricing. On this instance, the rising wedge pattern was considered by Twitter chart pattern trader Tardigrade who mentioned that it was an "extremely bullish" pattern. Still, it is important to keep in mind that technical patterns should be evaluated along with the other Market factors such as the economy, investor sentiment, etc. Tardigrade also mentioned the upcoming bull run for the BTC and the current trading price of the currency $29,110, which lies just in the middle of the range, thus indicating possible market volatility very soon.

The total market capitalization of Bitcoin is at an impressive $563 billion which showcases the importance of BTC in the cryptocurrency market. Despite the price fluctuations, the digital asset still remains an integral one in the entire cryptocurrencies and other blockchain related networks.

It is worth noting that none of the predictions mentioned here should be taken as investment advice, as the content provided here should be treated as speculative and one should be aware of the risks associated with investing in the digital asset.



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