Are The Odds In Bitcoin Bulls Favor? These Analysts Forecast BTC’s Future
2024年4月10日 - 4:30AM
NEWSBTC
As the Bitcoin (BTC) “Halving” approaches, expectations increase
about how the flagship cryptocurrency will perform. Bitcoin (BTC)
is recovering momentum after facing a significant correction in the
first few days of Q2, and some analysts are forecasting new heights
for the number one cryptocurrency soon. Related Reading: Beyond
Halving: Expert Predicts Bitcoin To Soar Above $200,000 With
Surprising Catalyst Are The Odds In The Bulls Or Bears Favor?
Bitcoin had its best quarterly close during Q1, 2024. Despite BTC’s
stellar performance, as Q2 started, the market was dragged by the
leading cryptocurrency’s price correction. Since then, Bitcoin has
been steadily recovering, testing the $70,000 resistance level over
the weekend. As the week started, BTC appeared to have regained
support above the $70,000 level. Crypto analyst Ali Martinez seems
to think that Bitcoin’s performance so far reflects a positive
sentiment from investors. In an X post, Martinez shared a chart
that paints an optimistic picture, at least for now. When you
compare support (1.4 million addresses holding 893,000 $BTC between
$68,220 and $70,325) with resistance (474,000 addresses holding
285,000 #BTC between $70,760 and $71,200), the odds appear to favor
the #Bitcoin bulls! pic.twitter.com/pceCyGa8mb — Ali (@ali_charts)
April 9, 2024 According to Martinez’s post, the In/Out of the Money
Around Price (IOMAP) indicator seems favorable to the bulls. Per
the chart, the addresses holding BTC at the support level massively
outnumber those holding Bitcoin at the resistance level. The chart
suggests that Bitcoin is at “stable support” as 474,000 addresses
hold 285,000 BTC between $70,760 and $71,200. Meanwhile, 1.4
million addresses hold the flagship cryptocurrency between $68,220
and $70,325. When compared, the addresses and BTC held at the
support level nearly triple those in the resistance zone. To the
analyst, bulls are the current victors as “odds appear to favor”
them. Analyst Forecast Bitcoin To 90,000 Soon Captain Faibik,
another crypto analyst, also seems to perceive more bullish
momentum for Bitcoin. In an X post, the analyst suggests that BTC’s
“bullish pennant upside break is confirmed on the daily chart.” Per
the chart, the flagship cryptocurrency’s price started a
consolidation period in early March, forming a pennant pattern.
This pattern saw an upside breakout after Monday’s daily candle
closed above the $70,000 price range. Due to this breakout, the
analyst forecasts a surge to the $88,000-$90,000 price range this
month. $BTC Bullish Pennant Upside Breakout is Confirmed on the
Daily timeframe Chart.. ✅ Now, Send Bitcoin to the 88-90k this
Month. 📈🚀#Crypto #BTC #Bitcoin pic.twitter.com/ok2DGPXsAb — Captain
Faibik (@CryptoFaibik) April 9, 2024 At the time of writing,
Bitcoin remains above the $70,000 support level, only 5% below its
most recent all-time high (ATH) price of $73,373. Despite the
positive resistance, BTC’s price performance shows a slight
decrease of 2.3% from yesterday. Similarly, its daily trading
volume and market capitalization have mildly dropped. According to
CoinMarketCap data, BTC’s daily trading volume is down by 6%, while
its market cap of $1.38 trillion represents a 2.1% decrease.
Nonetheless, Bitcoin remains 8.4% above its price seven days ago,
trading at $70,378. Further bullish sentiment, fueled by the
upcoming “Halving” event, could help the largest cryptocurrency by
market capitalization consolidate its support above the current
levels. Related Reading: Crypto Expert Reveals What To Expect For
Bitcoin, Dogecoin, And XRP In 12-16 Months Bitcoin sits above the
$70,000 support level in the 1-day chart. Source: BTCUSDT on
Tradingview Featured Image from Unsplash.com, Chart from
TradingView.com
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