bitcoin (BTC) held on to new ten-month highs at Wall Street’s April 14 open as analysts continued to hope for further gains.
$31,000 revealed as decisive trendline
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+.”
Others also eyed the possibility of BTC/USD hitting $32,000 or more in the near term before taking a more pronounced break.
#BTCThe recent breakout of means the price is now entering the $28,800-$33,000 range (orange-blue)
It is not clear if $BTC must dip to solidify ~$28,800 as support before jumping to $33,000
—Rekt Capital (@rektcapital) April 13, 2023
“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.
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.
Direction MN for the summer. Factor LLC Current Positions with Trailing Stops
Long Nasdaq $NQ_F
Long gold against 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 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.
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