Bitcoin Gold (BTG) Price Prediction and Analysis in May 2021
Bitcoin Gold is the 64th largest cryptocurrency according to its market cap of $1,953,138,239. 83% of the total supply (17,513,924 BTG) is currently in circulation out of the maximum supply of 21 million BTG. $92,267,876 worth of BTG have been traded in the last 24 hours. In this Bitcoin Gold price prediction article, we will be looking at some of the past price trends, important developments, and market opinions to help you make the right investment decision.
Bitcoin Gold Price Prediction: Analysis
BTG had its fair share of growth in 2021, although it did not pick up right at the beginning of the year like some other cryptocurrencies. The real growth started at the end of March, and since then, it has gained over 150%. So far, it is one of the best performing altcoins in this second quarter of the year. Let’s look at how it will do in the coming weeks and months.
BTG/USD chart shows that BTG has experienced a steep rise starting from 4 April with big green candles printed all the way to 11 April. This shows a clear bullish buying of the asset during the 7-day period with corresponding large volumes. This indicates a strong surge that could endure, which is backed by the trading volume.
At the moment, there is a slow down in the price rise, which could potentially turn into consolidation before the next leg up or a trend reversal. Looking at the moving averages though, the trend is still bullish both in the short-term (50 MA) and in the long-term (200 MA). The 50 MA is far below the current price and serves as support, while the 200 MA is almost flat, suggesting there is no storm in sight yet as the price is growing fast enough to remain above the moving averages.
One key indicator, the relative strength index (RSI), shows that the slight dip was a healthy adjustment by the market to accommodate more growth. The dip came after the asset reached an RSI of over 93. This is extremely high and indicates a major overbought condition. Normally, an RSI of 70 or higher indicates the asset is overbought and due for a correction.
With the RSI still at 82.05, a further dip is not off the table as more holders are expected to sell before the price begins another leg up. This does not mean that the sentiment is not bullish, it is just a natural market cycle that is necessary for healthy price growth.
Here are major support and resistance levels to watch if you are trading BTG. These are the calculations made by Walletinvestor:
- Resistance Level (R3): 135.079;
- Resistance Level (R2): 127.231;
- Resistance Level (R1): 120.634;
- Pivot Point: 112.786;
- Support Level (S1): 106.189;
- Support Level (S2): 98.341;
- Support Level (S3): 91.744.
As you can see from the name, Bitcoin Gold is a cryptocurrency built from Bitcoin’s underlying architecture. There are many others, such as Litecoin, Bitcoin Cash, and Dogecoin, which were built based on the same architecture. While Bitcoin remains on its own, these offshoots and forks are coming into DeFi, thanks to a partnership between Bitcoin Gold and Phala Network.
The partnership will leverage Phala’s TEE-based confidential computing technology to build lightweight, low-cost, trustless bridges to the Polkadot ecosystem. The bridges will be compatible with all cryptocurrencies that are built using Bitcoin’s underlying technology. When done, the project will bring $36 billion liquidity to Polkadot for smart contracts, DeFi, DEXes, and more.
Bitcoin Gold will be the first cryptocurrency to be bridged, followed by the others, such as LTC and BCH, which have a similar underlying technology to Bitcoin.
Bitcoin Gold (BTG) Price Prediction: Market Opinions
The following are market opinions for Bitcoin Gold price prediction in the coming weeks and months. They should help you get a picture of where the price is going.
Digitalcoinprice has a bullish Bitcoin Gold price prediction. The website expects the price of the asset to reach $186.55 in May. It will be the second-highest price of any month for Bitcoin Gold in 2021, meaning an increase of 65.7%.
Longforecast’s Bitcoin Gold price prediction is that the price will start at $220 in May. It is then expected to reach the highest price of $316, while the lowest expected price is $202. The closing price for the month is pegged at $255.
Tradingbeasts is bearish on BTG in May. Its Bitcoin Gold price prediction is that the asset will start the month of May at $79.842. The maximum expected price for the month is $100.273, while the minimum expected price is $68.186. The predicted closing price is $80.218.
Bitcoin Gold (BTG) Price Prediction: Verdict
Bitcoin Gold’s indicators suggest that it has potential in the coming month and year. The cryptocurrency looks stable in its price growth, which means it may have greater potential, as the year is still young. Also, May seems to be a promising month for the asset. However, investors have to research well and weigh their options before deciding on investing in it.
Featured image: medium.com