The recent Bitcoin rally has reached a 10-month high above $30,000, supported by a positive market atmosphere. Investors are eagerly awaiting the future price trends of Bitcoin in this period of economic uncertainty and evaluating the possible consequences for the market in general.
Is it the right time to buy Bitcoin?
Data from TradingView shows that Bitcoin price hovered around $30,200 on April 16. With a ten-month high of $31,035 in effect, investors and analysts are weighing options on how BTC price action will go next.
Credible Crypto quoted a tweet from analyst Murfski, citing current market conditions, “We’re going higher. Much higher,” he said. “Most investors are still sitting on the sidelines and funding is still relatively flat,” Murfski said. That’s the disappointment depicted in a graphic,” he said.
Murfski described being a long BTC investor in 2023 as “incredibly cheap,” with gains of over 70% year-to-date.
Next targets for Bitcoin
$33,000 for BTC was a popular short-term target towards the end of the week. On the downside, however, $30,000 was now the most important support level.
“We probably expect a correction at $29.6k before continuing the uptrend,” said popular crypto analyst Michaël van de Poppe.
On the other hand, Rekt Capital has been convinced of the upside continuation as the final result, describing Bitcoin as “well-positioned” on daily timeframes.
Large wallet balances begin to shrink
Meanwhile, the trip of over $30,000 led to some “unsurprising” shifts in wallet dynamics. The number of profitable BTC addresses hit a 16-month high on April 14, according to data from on-chain analytics firm Glassnode.
More than 33 million for-profit addresses have approached 38 million since November 2021, when BTC/USD reached its ATH level of $69,000.
Analytics platform Decentrader, however, used a more cautionary tone as it revealed that the number of large-balance wallets was falling: “Wallets holding more than 100 BTC saw a very significant drop of 200 almost overnight. The increase we saw in December is now completely reversed.”
Not surprisingly, we’ve seen some changes in wallets holding Bitcoin as it approaches $30,000.
Further data shows that more than 1,000 BTC wallets remained stable throughout the return to $30,000. From another perspective, Bitcoin’s strength against the dollar suggests a strong BTC for the market conditions ahead.
Bitcoin bull signals flashing
cryptocoin.comBitcoin’s recent rally was supported in part by the observed drop in inflation in the global economy. In a notable rise from April 9 to April 14, Bitcoin’s price surged over 10% to record the highest daily close in more than ten months. While some experts may argue that this increase marks a breakout from traditional markets, it’s important to note that both the S&P 500 and gold are approaching their six-month highs.
Also, Bitcoin’s impressive rally above $30,000 took place when the US dollar strength index (DXY) dropped to a one-year low.
According to on-chain analyst BlockchainCenter, the Bitcoin rainbow chart shows that BTC may have started a new rally leading up to the halving event. As of April 15, the chart positions BTC in the “Accumulation” phase after a period of consolidation in the “Basically a Fire Sale” zone.
In March 2020, Bitcoin broke out of the ‘Basically Fire Selling’ zone trading below $6,000. This development was a pivotal moment for the leading crypto and set the stage for a price reversal that ultimately paved the way for the 2021 bull run. As a result, this upward trajectory saw BTC reach its ATH level of around $69,000. Therefore, Bitcoin may witness a potential rise ahead of the halving event.
Will Bitcoin reach $33,000?
The bears are currently trying to block the upward move by trying to lower the BTC price to the critical support level of $30,000. If the buyers fail to sustain the price above $30.5K, BTC could dip significantly below the 23.6% Fib level.
If BTC price drops from $30,000 but manages to stay above the 20-day EMA at $28.7k, a rally to over $32.5k in a few days will increase the likelihood. If this threshold is crossed, Bitcoin could skyrocket towards the $40,000 top.
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