Bitcoin price is facing a tough trendline at $31,000. Meanwhile, United States stocks provide sustained support for the BTC price to rise. So what’s in the box for leading crypto next?
The ‘Die or Become’ trendline for Bitcoin price: $31,000
Data from TradingView shows that BTC is consolidating around $30,700 after crossing the $31,000 mark. While Bitcoin is heading towards areas where it first lost in June 2022, it has yet to see a major pullback. Now, market participants are looking at the potential of the bulls to capitalize on the current momentum with the help of positive macro trends.
United States stocks opened higher, with the S&P 500 and the Nasdaq Composite Index up 0.3% at the time of this writing. Popular trader and analyst Josh Rager told his Twitter followers after the opening, “Bitcoin price managed to stay above the high of the previous range with the hot opening of the stocks. “I think we can see a test again and get over $31,000+ here,” he says.
Others are also considering the possibility of BTC reaching $32,000 or more in the short term before it makes a more significant break.
“I believe the next stop is just over $33,000, where we’ll face the 100 moving average on the weekly timeframe,” macro analyst Jesse Dow commented on Twitter later in the week. The analyst also shares the following assessment:
Note that there is bullish divergence and convergence on a weekly basis. And this has never failed after seeing a drop in Bitcoin’s price of at least 75% from the previous cycle.
The further you get away, the more visible the importance of the current range for the spot price becomes. Because $31,000 acted as support from 2021 to the breakout in June 2022.
Brandt long stays on Bitcoin
While various popular figures have said that the “altseason” has begun, veteran trader Peter Brandt is one of those who continue to rise in BTC. In a tweet on April 13, Brandt announced that there are long positions in Bitcoin in addition to stocks, making another prediction that the worst of the bear market is now over.
cryptocoin.comEarlier, former BitMEX CEO Arthur Hayes announced that he is reconsidering his own investment strategy and prefers to increase his crypto investments. “The rally that follows Bitcoin will be one of the most hated rallies ever,” he predicted in a blog post published last month.
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