BTC price targets see $33,000 next as Bitcoin eyes key resistance reversal

By Posted on

[ad_1]

bitcoin (BTC) held on to new ten-month highs at Wall Street’s April 14 open as analysts continued to hope for further gains.

BTC/USD 1 hour candle chart (Bitstamp). Source: Trading View

$31,000 revealed as decisive trendline

Data from Cointelegraph Markets Pro And TradingView showed that BTC/USD was consolidating around $30,700 after skyrocketed the $31,000 mark.

The pair saw no major retracements as it headed further into the ground it initially lost in June 2022.

Now, market participants have been eyeing the potential for bulls to capitalize on the existing momentum with the help of positive macro trends.

US stocks opened higher, with the S&P 500 and the Nasdaq Composite Index both up 0.3% at the time of writing.

“With the stock hot open, $BTC was able to hold above the high of the previous range,” said popular trader and analyst Josh Rager. said Twitter followers after opening.

“Think we can see a retest and push higher here above $31,000+.”

BTC/USD charts, S&P 500. Source: Josh Rager/Twitter

Others also eyed the possibility of BTC/USD hitting $32,000 or more in the near term before taking a more pronounced break.

“I believe the next stop is just a hair above $33,000, where we will meet the 100 moving average, on the weekly timeframe,” macro analyst Jesse Dow continued as part of Twitter’s analysis over the week.

“Remember, we have bullish divergence and convergence on the weekly. And it NEVER failed after we saw a decline of at least 75% in the price of Bitcoin, compared to the previous cycle.

Zooming out, the importance of the current range for the spot price became all the more visible, with $31,000 serving as support through 2021 until the June 2022 breakdown.

Brandt Stays Long Bitcoin

As various popular figures have called the start of the “alternative season”, one of the veteran traders, Peter Brandt, remained firmly bullish on BTC.

Related: Which Bitcoin Bear Market? BTC price closely copies old halving cycles

In an April 13 tweet, Brandt revealed long positions in Bitcoin in addition to stocks in another suggestion that the worst of the bear market was now over.

Previously, former BitMEX CEO Arthur Hayes had revealed an overhaul of its own investment strategy, opting to increase exposure to crypto.

“The ensuing Bitcoin rally will be one of the most hated ever,” he said. predicted in a blog post published last month.

The views, thoughts and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.