Bitcoin (BTC) held fresh 10-month highs as Wall Street opened on April 14 as analysts continued to hope for more gains.
BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView
$31,000 make-or-break trend line revealed
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating around $30,700 after surpassing $31,000.
The pair did not experience a major retracement as it pushed further into the bottom it originally lost in June 2022.
Now, market participants are looking at the potential for bulls to capitalize on the existing momentum with the help of positive macro trends.
U.S. stocks opened higher, with the S&P 500 and Nasdaq Composite Index both up 0.3% at the time of writing.
“As stocks opened hot, $BTC was able to hold above the previous range high,” popular trader and analyst Josh Rager told Twitter followers after the open.
“I think we can see a retest and break above $31k here.” BTC/USD, S&P 500 charts. Source: Josh Rager/Twitter
Others also considered the possibility of BTC/USD reaching $32,000 or more in the near term before taking a more pronounced breakout.
“I believe the next stop is just a hair above $33,000 where we will hit the 100 moving average on the weekly timeframe,” continued macro analyst Jesse Dow in part of Twitter analysis during the week.
“Don’t forget we have bullish divergence and convergence on the weekly side. And this has NEVER failed after we have seen Bitcoin price drop by at least 75% from the previous cycle.”
Zooming out made the importance of the current range for the spot price all the more apparent, with $31,000 serving as support into 2021 until the June 2022 collapse.
Brandt stays Bitcoin for a long time
As various popular figures dubbed the start of the “altseason,” one of BTC’s veterans, Peter Brandt, was firmly optimistic.
Related: Which Bitcoin Bear Market? BTC price closely copies old halving cycles
In an April 13 tweet, Brandt revealed long positions in Bitcoin alongside equities, giving another indication that the worst of the bear market is now over.
Earlier, former BitMEX CEO Arthur Hayes announced a reconsideration of his own investment strategy and decided to increase crypto exposure.
“The Bitcoin rally that follows will be one of the most hated of all time,” he predicted in a blog post published last month.
The views, thoughts, and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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