Bitcoin opened the final week of April on a bearish note after spending the previous four weeks in correction mode. The flagship coin is close to ending the first month since August 2023 on a bearish trend. With less than two days left in May 2024, the Bitcoin price is likely to continue in a fluctuating trend.

The launch of spot Bitcoin ETFs in Hong Kong is anticipated to reinforce long-term bullish sentiment. Additionally, many crypto traders are holding back ahead of important news from the United States due to concerns over increased volatility in the cryptocurrency industry.

On Wednesday, the US Federal Reserve is set to release crucial data on interest rates and the FOMC statement, affecting the market as it awaits US inflation data. However, uncertainty remains on when the Federal Reserve will implement expected rate cuts later in the year.

Has Bitcoin Achieved its Cycle Top?

After reaching an all-time high of about $74k last month, Bitcoin has been correcting since then. Experienced trader Peter Brandt suggests that Bitcoin has been following an exponential decay pattern, implying that the coin might have already reached its cycle peak of slightly above $70,000. However, Brandt acknowledges only a 25 percent probability of this outcome being accurate due to other factors influencing Bitcoin price.

Furthermore, predictions from trader Giovanni Santostasi indicate that Bitcoin could reach as high as $210k by 2025 before falling to $83k. Meanwhile, altcoin investments are increasing as Bitcoin's price drops, and the ETH/BTC pair shows signs of an upcoming altseason.

Popular analyst Benjamin Cowen advises investors to be cautious about potential altcoin crashes in the near future. It is important to conduct independent research or seek professional advice before making any investment decisions.