After the recent release of US employment data, many Bitcoin (BTC) traders are expecting a significant rise. Over the past few days, the Bitcoin price has been trending sideways, causing investors to expect a potential breakout within the next week. Here are the expected price movements next week…
CryptoYoddha hopeful for Bitcoin price
According to a Twitter post shared by crypto and finance analyst CryptoYoddha on April 7, Bitcoin has been stable for weeks, registering strong support at $25,000, and if it manages to maintain this level, it is possible to go above $35,000, but retest and bounce would also be “ideal.” . On top of that, according to chart analysis by CryptoYoddha, Bitcoin could briefly reach $48,000 in May or June before correcting to $25,000 in late 2023 and rise again beyond the previous critical level and towards $90,000 in April 2024.
It is also worth noting that the first coin follows a heavy bear market recovery pattern every three or four years, and the Easter period is usually a starting point for bullishness in the following weeks, as observed by another crypto market analyst Stockmoney Lizards on April 7. . The analyst showed that BTC rose in the weeks following Easter with examples from 2012, 2016 and 2019. After Easter, BTC surged 225 percent in 2012, 94 percent in 2016, and 167% in 2019. The analyst expects Bitcoin to move towards $40,000 in late May.
The bullish expectation for Bitcoin is also reflected in on-chain data
Bitcoin’s price has surged an impressive 30 percent over the past 30 days and recaptured the critical $28,000 level. However, traders are now eagerly awaiting BTC’s next price bounce to break through the $30,000 barrier. cryptocoin.com As reported by crypto analytics firm Glassnode, even in the midst of BTC’s sideways price action this week, on-chain indicators look positive for Bitcoin (BTC). Glassnode closely monitors the miner fee revenue momentum metric, which measures growing demand in the BTC market. In addition, the firm announced that the open interest rate in Bitcoin options contracts exceeded that in futures contracts for the first time.
While the value of Bitcoin has been hovering below the $29,000 level in recent days, experts are expressing mixed views about its near future. Some analysts predict a potential increase to $30,000, while others argue that it may have reached a temporary high. According to analyst Shayan Chowdhury, a symmetrical triangle appeared on the Bitcoin chart around $29,000, indicating an equal level of uncertainty between traders who are bullish and bearish regarding BTC’s upcoming price action.
As of this writing, Bitcoin is trading at $28,000, an increase of 0.37 percent compared to yesterday’s performance. Analyzing the daily price chart, the bulls seem to have a slight advantage, as evidenced by the uptrend 20-day EMA ($27,465) and the relative strength index (RSI) above 55. According to experts, if Bitcoin rises above $29,000 by Monday, it can continue its rise and reach its projected target of $ 30,000. However, a bearish break below the EMA-20 will send the asset to test the support near $27,000.
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