Entering April, Bitcoin maintains its position above $28,000. Meanwhile, many analysts are wondering about Bitcoin predictions. In this article, we will share the experts’ BTC price expectation for the new month. Here are the details…
Bitcoin predictions from Jason Pizzino: Trend change may come
Analyst Jason Pizzino says a major trend change for Bitcoin (BTC) is on the horizon as we enter a new month. Jason Pizzino says that Bitcoin closely follows a Wyckoff accumulation scheme, which suggests that an asset lays the groundwork for an upcoming bull market. According to Pizzino, Bitcoin appears to be in the final phase of its accumulation scheme, which indicates that BTC is preparing for a shaping phase or a period of price increase. It points to the 50 percent level, $42,000, with Wyckoff savings. The analyst argues that the mid-levels of $ 30,000 should be tested first in the coin.
Looking at the potential price action of BTC for April, Pizzino says that BTC could rise above the $30,000 level this month. However, he highlights that BTC may struggle to break the $32,000 to $34,000 resistance. According to the analyst, “March has been an extraordinary month, BTC bottoming higher and moving higher”. So I think April could be a month where we can test the bottom $30,000, or about $32,000,” Pizzino said. The levels pointed out by the analyst are the previous lows and support in January 2022. The analyst underlines that there is a lot of resistance on the way to break the record $69,000, primarily 34,500 and 40,000.
Justin Bennett: There is potential for a bull trend
On the other hand, Justin Bennett, a trader and analyst, commented on the largest cryptocurrency by market cap. Justin Bennett suggests that BTC creates “strong” horizontal levels in the market that are suitable for both “scalping” and investors who prefer this range or period of consolidation. Bennett also mentions that Bitcoin is trading above the pivot point of $28,130 on an hourly and 4-hour close basis. Any attempt to retest this level will likely attract sellers, potentially triggering another run at the $27,650 support floor and potentially lower prices.
While the horizontal levels seen on the chart provide opportunities for scaling, Bennett warns that there is a potential downside risk should BTC’s support levels break. Bennett suggests that while there is no confirmed direction of BTC price, there are currently more long liquidations below the price than there are short liquidations above. This means that more traders are taking long positions and may run the risk of liquidation if the price drops further over the weekend.
However, with Bitcoin trading above the key pivot point, there is potential for more upside and consolidation above the $29,000 level. The macro resistance level of $28,900 is the next target for BTC and a successful breakout. Bennett also suggests that the primary range for Bitcoin is between the $26,500 support and the $28,900 resistance wall, with smaller ranges in that range.
Rekt Capital’s Bitcoin predictions: Rising candle confirmed
According to Rekt Capital, with the first quarter closing for Bitcoin and the broader cryptocurrency market, BTC is on the verge of confirming a quarterly rising candle for the first time since the beginning of 2020. This pattern occurs when the opening price of a given quarter is lower than the closing price of the previous quarter. According to Rekt, this pattern has historically preceded multiple quarters of bullishness for Bitcoin, meaning that the price of BTC tended to increase for several quarters after the pattern was confirmed, as was the case in the 2021 bull market.
In other words, by closing the first quarter above key levels, the market is expected to enter a period of continuous price increase in the coming months. Rekt also says that BTC broke out exactly 396 days before the Bitcoin halving, scheduled for April next year. cryptocoin.com As we have also reported, halving is the halving of the newly issued BTC amount. He adds that in 2019, Bitcoin broke out exactly 396 days before the 2020 halving. According to Rekt, “BTC tends to break the macro downtrend about a year before the upcoming halvings.”
BTC transactions increased, according to Santiment report
According to a report by Santiment, the bullish sentiment in BTC and the close to $30,000 resulted in market polarization, profit-taking, and widespread fear of the summit. The report states that all five of the biggest transactions of 2023 took place in March. He highlights that the latest of these transactions was a massive 20,000 BTC move to 3JZq4atUahhuA9rLhXLMhhTo133J9rF97j before it moved to multiple other locations.
The influx of coins returning to exchanges between March 13 and March 21 is also notable, as the price of Bitcoin climbed as much as 28,000 during this period. However, since then supply has been moving again from exchanges. The report also notes that the total number of active sharks and whales and more dormant whales/stock exchange addresses increased in March, but rose more slowly.
The percentage held by the same shark/whale yellow line looks alarming given the percentage of Bitcoin supply held. After an accumulation pattern that lasted until the end of January, profit making gradually started to take effect. The warning signs that appeared in March as large transactions continued in March and the 10-10k BTC address layer shifted down (as a percentage) and decreased (by total addresses) suggest concerns about Bitcoin’s ability to rise to $35,000.
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