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Bitcoin (BTC) held a 10-month high at the Wall Street opening on April 14 as analysts continued to expect further gains.
$31,000 Revealed as Make or Break Trendline
Cointelegraph Markets Pro and TradingView It showed BTC/USD held around $30,700 after surging above $31,000.
The pair didn’t see a major retracement as they headed further on grounds they initially lost in June 2022.
Market participants are now eyeing the potential for the bulls to capitalize on the existing momentum with the help of a positive macro trend.
The S&P 500 and Nasdaq Composite Index were up 0.3% at the time of writing, and US stocks opened higher.
Popular trader and analyst Josh Rager said, “As stocks opened hot, BTC was able to hold onto its previous highs.” Said Twitter followers after opening.
“Consider that there is a retest and it could be over $31,000 here.”
Others have considered the possibility of BTC/USD reaching $32,000 and above in a short period of time before taking a more pronounced timeout.
#bitcoin‘s recent breakout means prices are now in the $28,800 to $33,000 range (orange blue)
not sure if $BTC Needs a fall to consolidate ~$28800 as support before jumping to $33000
But at the moment, there is more and more discussion for the upward direction#Crypt #bitcoin https://t.co/85DjLHoZnD pic.twitter.com/Nx7bQx0OWa
— Rekto Capital (@rektcapital) April 13, 2023
“The next stop will be just above $33,000 and will meet the 100-times moving average on the weekly timeframe,” said macro analyst Jesse Dow. continuation Part of this week’s Twitter analysis.
“Remember there are bullish divergences and convergences every week. This has never failed, even after Bitcoin’s price has fallen at least 75% since the last cycle.”
Zooming out makes the importance of the current range of spot prices more apparent, with $31,000 serving as support for the 2021-June 2022 breakdown.
Brant stays long term bitcoin
It was veteran trader Peter Brandt who remained firm and bullish on BTC in what various favorites called the start of the ‘alt season’.
Related: Which Bitcoin Bear Market? BTC Price Faithfully Copied Old Halvings
In a tweet on April 13, Brandt revealed a long position in Bitcoin in addition to stocks, suggesting the worst of the bear market is over.
Heading to MN for summer.Current Factor LLC position with trailing stop
long nasdaq $NQ_F
Long Gold vs. YPY $GC_F $G6J_F
long bitcoin $BTC
long gold $GC_F
Long London Cocoa (not shown) $LCC_F pic.twitter.com/FH2o0LxZEz— Peter Brandt (@PeterLBrandt) April 13, 2023
Previously, former BitMEX CEO Arthur Hayes revealed that he had reconsidered his investment strategy and chose to increase his exposure to cryptocurrencies.
“Bitcoin’s subsequent rise will be one of the most hated of all time,” he said. predicted In a blog post released last month.
magazine: Bitcoin in Senegal: Why is this African country using BTC?
The views, thoughts and opinions expressed herein are those of the authors only and do not necessarily reflect or represent the views or opinions of Cointelegraph.
