In a recent analysis, prominent crypto analyst Adrian Zduńczyk, aka "crypto_birb," predicts Bitcoin (BTC) may recover to $70,000 in May, a level not seen since April 12. He cites the rising 200-week and 50-week moving average trends as evidence of a continued bull market. Additionally, the 200-day moving average has hit an all-time high of above $50,000, further strengthening the long-term bullish thesis.

Zduńczyk also noted that the market sentiment remains in the "greed" phase according to the Fear and Greed Index, and mining costs have stalled. Based on average gains in May from previous market cycles, which were around 15%, Zduńczyk estimates an end-of-month target of around $70,000.

In related news, Bitfinex reported that on-chain indicators suggest selling pressure from short-term holders may be easing. Former BitMEX CEO Arthur Hayes also expressed optimism, stating that the local bottom had passed when BTC hit $56,800, and markets would likely remain rangebound between $60,000 and $70,000 until around August.

Despite a slight dip in the crypto markets, the overall outlook remains positive. Ethereum, while weakened, maintains support above $3,000, and Bitcoin continues to trade sideways, indicating stability.