The analyst allowed the bitcoin price correction to continue until the end of May.

The cryptocurrency market has entered a protracted correction phase: against the backdrop of the Fed's harsh rhetoric, rising geopolitical tensions and the flow of capital into AI stocks, bitcoin may test the level of $ 70 thousand. until the end of May. Alexander Baryshnikov, the manager of the Mining fund at Record Capital Management Company, told Izvestia on May 18.

"During the week from May 11 to May 17, bitcoin lost 5.78%, falling to $77,457, ethereum sank even deeper — by 10.13%, to $ 2,131. Altcoins are losing ground on all fronts: it is quite obvious that capital is flowing into shares of AI companies, which continued to update records amid the lifting of restrictions for the export of Nvidia chips to China," the expert said.

He called the deterioration of the macroeconomic background the second significant factor. Recent data on inflation in the United States have reinforced expectations of maintaining tight monetary policy of the Federal Reserve System. Additional pressure on the market was exerted by statements by the new head of the Federal Reserve, Kevin Ursch, about his commitment to a restrictive policy.

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Baryshnikov considers the increase in geopolitical tensions to be the third important driver. The escalation in the Middle East, the rise in oil prices and the strengthening of the dollar traditionally provoke a decrease in demand for high-risk instruments, which include the cryptocurrency market.

According to the analyst, today the attention of bidders is focused on the level of $ 75 thousand and the zone of $ 70-71 thousand. If the publication of the FOMC minutes turns out to be tough, and foreign policy rhetoric continues to escalate, pressure on the market may increase.

The expert noted that the May close below the $76 thousand mark will be an important technical signal that can confirm the continuation of the correction in the direction of $70 thousand. At the same time, further dynamics will largely depend on the state of the American stock market and the continued interest of investors in the AI narrative.

Baryshnikov said on May 15 that bitcoin continues to move in a relatively narrow range of $78,754 – $82,380 after the May holidays, remaining under the influence of multidirectional macroeconomic factors. At the beginning of the week, the cryptocurrency rose to $81,700 amid high institutional demand. However, later, the pressure was exerted by data on annual inflation in the United States, which led to a decline in quotations to a level of about $ 80,500.