Bitcoin price gathered strength for $30,000 during the week as the Fed continued to grow its balance sheet. As the long-term uptrend becomes more dominant, some analysts warn against bull traps…
Tether CTO Paolo Ardoino says Bitcoin could easily rise 140%
Ardoino said in a new CNBC interview that Bitcoin could “easily retest” the $69,000 ATH level it reached in November 2021. Ardoino’s predictions refer to the bullish trend of Bitcoin, which continues to trade below $30,000.
Ardoino said, “I am optimistic about Bitcoin. I think it can easily retest the $60k-odd ATH levels. Bitcoin is currently separating from traditional financial markets in my opinion. I think people are starting to get scared, given the geopolitical situation we’re in and the banking sector situation we’re in.
Elsewhere, trader Daan Crypto Trades wrote, “So far, it looks like a slow fluctuation around the CME closing price,” citing the low volatility that Bitcoin has after dropping from $28,000. According to the analyst, “After the volatility of the past week, I do not expect much to happen in BTC over the weekend.”
Daan Crypto Trades referred to the closing price of the CME Group Bitcoin futures markets; This is a level that could become important if volatility rises or falls before the new week starts.
Additionally, the analyst identified order book liquidity areas that can also act as support and resistance rollover levels. The chart below shows the technical levels Bitcoin can test to gather liquidity.
Bitcoin price may climb forward to $30,000
Conversely, fellow trader Crypto Tony hoped the bulls could gather strength for an attack on $30,000 before a deeper pullback. Next to a projection chart, he tweeted, “Once again, support the volume down to $30,000 please.” According to the continuation of the analysis:
I expect a solid rejection from this area. Given all this, it seems unlikely to be successful with a single test.
Liquidations are eliminated
Liquidation data meanwhile showed the extent of the reduction in volatility in short timeframes, with short and long liquidations totaling less than $5 million for March 25. By contrast, on March 22, Bitcoin liquidated over $120 million in positions, according to Coinglass statistics.
Analyzing investor sentiment, Decentrader observed what was described as a “pretty simple” long/short ratio increase with the spot price in a bearish trend.
Bitcoin price can reach $1 million in 90 days
This prediction, made last week by former Coinbase CTO Balaji Srinivasan, was untrue according to most experts. Tether CTO Paolo Ardoino said he doubts Bitcoin will reach $1 million in under 90 days.
According to Ardoino, “I’m a little skeptical about this because, to be honest, I wouldn’t have expected it. Because if Bitcoin reaches such a high price level, it would mean the collapse of the entire economy. I’m not sure that’s the word we want to live in”.
What does technical analysis say about Bitcoin price?
Bitcoin price started to rise after dropping to $15.4k in June 2022 and formed the right shoulder of the inverted head and shoulders pattern. This is a bullish pattern that often leads to an uptrend reversal. The target of this technical pattern is $35,000, which is calculated by connecting the high point of the pattern to the breakout point.
After the breakout, the price is declining at the $28.4 minor resistance area. However, with the pattern formed over a period of more than 9 months, the post-emergence movement can be very strong. Therefore, the price is likely to break the $28.4k resistance and surpass the next resistance at $32,000 and the head and shoulders target of $35,000. The RSI supports this view by forming a higher high and above 50.
Technical analyst David predicts that in the most likely scenario, Bitcoin will continue to rise in the coming period. However, the bullish view will be invalidated if Bitcoin drops below the $24,000-25,000 level. In such a case, it could drop to the support line of the model at $21.3K and then break.
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