With the Bitcoin (BTC) “Halving” drawing near, there’s growing excitement about its potential impact on the leading cryptocurrency. After a notable correction in the initial weeks of Q2, Bitcoin (BTC) is regaining strength, and certain analysts predict it could reach new records soon.
Are The Odds In The Bulls Or Bears Favor?
During the first quarter of 2024, Bitcoin achieved its strongest closing point. However, as the second quarter began, the market experienced a downturn due to Bitcoin’s price adjustment, despite its impressive previous gains.
After that point, Bitcoin has been making a gradual comeback, touching the $70,000 mark during the weekend. At the beginning of the week, it looked like Bitcoin had found stability and was holding above the $70,000 mark once again.
According to crypto expert Ali Martinez’s interpretation, the upswing in Bitcoin’s price indicates a favorable outlook among investors. In a recent social media update, Martinez presented a diagram with a hopeful message, although this may be subject to change.
The advantage lies with Bitcoin bulls when considering the difference in the number of addresses (1.4 million versus 474,000) and the amount of Bitcoin held ($893,000 versus $285,000) within the support and resistance price ranges ($68,220 to $70,325 and $70,760 to $71,200), respectively.
— Ali (@ali_charts) April 9, 2024
Based on Martinez’s article, the IOMAP (In/Out of Money Around Price) indicator appears to be advantageous for bullish investors. As shown in the graph, a greater number of addresses hold Bitcoin below the resistance level compared to those holding it above the support level.
The graph indicates approximately 474,000 Bitcoin addresses contain around 285,000 coins, with prices ranging from $70,760 to $71,200. At the same time, over 1.4 million addresses are holding Bitcoin between $68,220 and $70,325.
In simpler terms, the amount of Bitcoin addresses and coins stored at the support level is almost three times greater than at the resistance level. From an analyst’s perspective, the bulls have the upper hand currently as “the chances seem to be in their favor.”
Analyst Forecast Bitcoin To 90,000 Soon
Captain Faibik, a cryptocurrency expert like myself, believes Bitcoin will continue to gain value based on his analysis. He expressed this viewpoint in a recent post, stating that Bitcoin’s “daily chart shows a bullish pennant formation has been validated with an upward break.”
According to the graph, the leading cryptocurrency’s price entered a period of consolidation around early March. During this time, it formed a pennant shape. The pennant pattern was then broken upward when the daily candle finished above the $70,000 mark on Monday.
Due to this breakout, the analyst forecasts a surge to the $88,000-$90,000 price range this month.
$BTC Bullish Pennant Upside Breakout is Confirmed on the Daily timeframe Chart..
Now, Send Bitcoin to the 88-90k this Month. #Crypto #BTC #Bitcoin
— Captain Faibik (@CryptoFaibik) April 9, 2024
currently, Bitcoin is valued above $70,000 – a support level that’s just 5% under its latest record-breaking price of $73,373. Even so, the cryptocurrency has experienced a minor setback, with its value dipping by around 2.3% compared to the previous day.
In a comparable fashion, the daily trading volume and market capitalization of Bitcoin have experienced slight reductions. As reported by CoinMarketCap, Bitcoin’s trading volume has decreased by 6%, and its market capitalization now stands at $1.38 trillion, representing a 2.1% decrease.
Despite a 8.4% increase in Bitcoin’s price within the last week, now trading at $70,378, there is further optimism among investors. This positivity stems from the upcoming “Halving” event, which could fortify Bitcoin’s foundation and keep it afloat above its current value.
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2024-04-09 22:34