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Bitcoin Gold (BTG) Price Prediction and Analysis in May 2021

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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.

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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.

Developments

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.

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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

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%.

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Longforecast

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

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.

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These Bitcoin, Ethereum and Solana Price Prediction Charts Are Pure Magic, According to Macro Guru Raoul Pal

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Macro guru Raoul Pal says three price prediction charts for Bitcoin, Ethereum and Solana are working like “pure magic.”

In a new Crypto Banter podcast, the co-founder and chief executive officer of Real Vision compares Bitcoin’s current market cycle to that of 2012-13, suggesting a price target of over $250,000 for the end of this bull run.

“I’ve been using this for over a year, and it’s been pure magic…It gives us a pretty clear target, and it’s been magic. It gave me the strength through the bear market to keep adding, thinking ‘we know how this plays out.’”

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Source: Raoul Pal

The former Goldman Sachs executive then pulls up another chart that compares Ethereum’s price trend from 2016 to Bitcoin’s from 2011 to 2019.

“And so here’s Ethereum VS Bitcoin in 2017. It’s been pretty damn good. In fact, I’ve got this as a real-time chart on my Bloomberg and it almost works to the day right now [because] it’s so close.”

Source: Raoul Pal

Lastly, Pal brings up a chart that shows how smart contract platform Solana (SOL) is following the same path Ethereum did in 2016-2017, which if continued would land SOL above $800 in April 2022.

“The Ethereum price now is pretty exactly in line with the Bitcoin price in 2017. And here’s Solana at the price as ETH, growing faster as a network, but the chart is identical again. It’s crazy.”

Source: Raoul Pal

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Barry Silbert on Converting GBTC Into ETF: “Stay Tuned”

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Digital Currency Group CEO Barry Silbert has started teasing Grayscale’s ETF push

Barry Silbert, CEO of Digital Currency Group, urged his followers to “stay tuned” in response to a tweet about potentially converting its Grayscale Bitcoin Trust into a physically-backed exchange-traded fund.

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ProShares’s Bitcoin futures ETF is set to start trading on Monday after it was greenlit by the U.S. Securities and Exchange Commission earlier this week.  

However, the regulator has so far shot down all the proposals to launch an ETF that will not track the price of Bitcoin directly due to concerns about investor protection. Instead, investors will have exposure to the Chicago Mercantile Exchange’s futures contracts.  

Joe Orsini, director of research at Eaglebrook Advisors, has outlined some risks associated with a futures-based ETF in his recent thread, claiming that it will be applicable for intra-day trading instead of long-term investing.

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Last month, Grayscale CEO Michael Sonnenshein opined that approving a futures-based ETF before a spot-based one would be a “short-sighted” decision.

According to a Thursday report by CNBC, the company is very close to filing with the SEC in order to convert GBTC into a spot-based ETF.

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As reported by U.Today, Grayscale hired ex-Alerian CEO David LaValle to work on such a plan this September.

The leading cryptocurrency asset manager confirmed that it was intending to convert its Bitcoin trust into an ETF in early April.

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Bitcoin ETF Approval is a double Edged Sword in Terms of Price Discovery

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Futures based paper products don’t lead to natural price discovery. There’s so much the players can manipulate on these paper products, which will be fixed in a physically-backed ETF.

In response, Caitlin Long expressed:  Yep, but physically backed ETFs also foster spot price manipulation. As I’ve said for yrs, Bitcoin ETF approval is a double-edged sword.  It brings liquidity, but also brings Wall Street style manipulation and price suppression.

Community response:  I don’t see ever any logic here. Crypto is the Wild West, when it comes to manipulation. How does having liquidity in a more regulated market make the manipulation worse?

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Crypto markets are way more manipulated than any other asset class. Adding an ETF would only dilute the manipulation.

Supply is real with bitcoin paper copies won’t bring more real supply, but can’t the paper push around the price like in gold and silver? I think they will try but will soon discover that the underlying asset isn’t as elastic as gold and silver with a significantly lower inflation rate and stock flow.  Also, gold and silver aren’t 100% auditable by everyone on the planet at all times.

How does a spot ETF foster price manipulation? I don’t really understand the logic here. Most likely, the ETF would simply be buying and storing Bitcoin every single day of its existence.

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What do you think the manipulation would look like? With the open source monetary policy and public blockchain ledger, I think any manipulation would have to be very short lived. They can’t create millions of ‘paper’ BTC like the precious metals markets.

Yeah but unlike gold and silver we can completely verify the total supply, and punish manipulation out of these honest markets. If on-chain metrics unanimously say one thing, futures manipulation will be that much easier to rectify, no?

Wall Street can short BTC through the floor. My guess is they want to hammer the BTC price down and drive everyone back to USD. Same way they control all commodities.

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ETF is a double edged sword, and anyway there’s a lot of manipulation. So, ETF is nothing significant to care about? If the ETF would hurt bitcoin price more than it would help it, the US would have approved it several years ago.

Hard manipulation like in gold/silver market not possible: Withdraw your BTC from the exchange, as soon as supply dries up the price explodes.

With an BTC ETF, have you removed legal tender? Been thinking on this one and I’m not so sure an BTC ETF is the best thing for BTC in the long run. There is always two sides of a coin.

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How can spot price with proof of reserve be manipulated? And how can we move past the financial products created out of thin air, and toward the purpose crypto was created for?

We already have manipulation and suppression in BTC – The Futures-ETF will only serve to deepen that manipulation/suppression. So, Qui Bono? This is not about investors folks!

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