Bitcoin (BTC), also known as the Bitcoin “Halving” Expectations about the performance of Bitcoin’s flagship currency increase as we approach. Bitcoin (BTC), which suffered a major correction during the early days of the second quarter, is regaining momentum. Some analysts predict that the top cryptocurrency will soon reach new heights.
Do the Odds favor Bulls or Bears?
Bitcoin is at its very best quarterly close during Q1, 2024. Even though BTC had a stellar Q2, the market suffered from the price drop of the top cryptocurrency as the second quarter began.
Bitcoin’s recovery has continued since, with Bitcoin testing $70,000 as resistance over the weekend. BTC seemed to be gaining support as the week began.
Ali Martinez is a crypto-analyst who believes that Bitcoin’s positive performance so far shows underlying optimism among investors. Martinez posted a chart in an X message that painted an optimistic picture for the moment.
Compare the support (1,4 million addresses with 893,000 $BTC The range is between $68.220 and $70.325) with resistance (474,800 addresses holding 285,000 #BTC Between $70,760 to $71,200, the odds seem to be in favor of the #Bitcoin bulls! pic.twitter.com/pceCyGa8mb
— Ali (@ali_charts) April 9, 2024
Martinez has posted that the IOMAP indicator (In/Out of Money Around Price) seems to have a distorted meaning. favorable to the bulls. According to the graph, addresses that hold BTC are far more numerous than those who have Bitcoins at the resistance levels.
Bitcoin’s chart shows that it is currently at a high. “stable support” As many as 474,000 BTC are held by addresses ranging between $70 760 and $71,200. While 1.4 million accounts hold the flagship crypto between $68,220 to $70,325.
Comparing the two, addresses and BTC are nearly three times higher in the zone of support than they are at resistance. Analysts believe that bulls are currently the winners. “odds appear to favor” them.
Analysts predict Bitcoin to 90,000 soon
Captain Faibik is another analyst who seems to see more positive momentum in Bitcoin. The analyst suggested in an X-post that BTC is on the rise. “bullish pennant upside break is confirmed on the daily chart.”
According to the chart, in March the price of the cryptocurrency started consolidating, creating a pennant-shaped pattern. The pattern was broken upwards after the daily candle on Monday closed over $70,000.
Analysts predict that this surge will push prices up to $88,000 to $90,000.
$BTC Bullish Pennant Upside breakout is confirmed on the daily timeframe chart.✅
You can now send Bitcoins to 88-90k in this month. 📈🚀#Crypto #BTC #Bitcoin pic.twitter.com/ok2DGPXsAb
— Captain Faibik (@CryptoFaibik) April 9, 2024
Bitcoin is currently trading at $73,373 – just 5% lower than its recent All Time High (ATH). BTC price has decreased by 2.3% despite the resistance.
The daily volume of trading and the market cap have also decreased slightly. BTC’s trading volume has decreased by 6.4% according to CoinMarketCap. Its market capitalization of $1.38 billion represents a decrease of 2.1%.
Bitcoin’s price is currently trading at 70,378 dollars, an increase of 8.4% from seven days prior. Continue bullish sentimentFuelled by the coming “Halving” The event could be a catalyst for the biggest cryptocurrency in terms of market capitalization to consolidate their support levels above current levels.
Bitcoin is above $70,000 in support on the one-day chart. Source: Bitcoin USDT Tradingview
Charts from TradingView.com and Unsplash.com.
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