Bitcoin (BTC) held fresh 10-month highs at the Wall Street open on April 14 as analysts continued to expect fresh gains.
$31,000 Revealed as Decisive Trend Line
Data from Cointelegraph Markets Pro and TradingView It showed that BTC/USD consolidated around $30,700 after breaching the $31,000 mark.
The pair did not see a major setback as they moved further into the turf they originally lost in June 2022.
Now, market participants eyed the potential for bulls to capitalize on the existing momentum with the help of positive macro trends.
US equities opened higher, with the S&P 500 and Nasdaq Composite Index up 0.3% at the time of writing.
“With stocks opening hot, BTC was able to hold above previous range high,” popular trader and analyst Josh Rager said Twitter followers after the opening.
“I think we can see a retest and go higher here above $31k+.”
Others also considered the possibility of BTC/USD reaching $32,000 or higher in the near term before taking a steeper timeout.
#BTCThe recent breakout of means that the price is now entering the range of $28800-$33000 (orange-blue)
It is not clear if $BTC needs to dip to solidify ~$28800 as support before jumping to $33000
But for now, more arguments in favor right now#Crypto #Bitcoin https://t.co/85DjLHoZnD pic.twitter.com/Nx7bQx0OWa
— RektCapital (@rektcapital) April 13, 2023
“I think the next stop is just a bit above $33,000, where we will find the 100 moving average, on the weekly time frame,” macro analyst Jesse Dow. continued in part of the analysis of Twitter during the week.
“Don’t forget that we have bullish divergence and convergence on the weekly. And this has NEVER failed after seeing at least a 75% drop in the price of Bitcoin, since the previous cycle.”
Moving away, the importance of the current range for the spot price became even more visible, with $31,000 acting as support throughout 2021 until the June 2022 breakdown.
Brandt stays long Bitcoin
As several popular figures called the start of an “alternative season,” one who remained staunchly bullish on BTC was veteran trader Peter Brandt.
Related: What 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 a further suggestion that the worst of the bear market was over.
Heading to MN for the summer. Factor LLC current positions with trailing stops
long nasdaq $NQ_F
Long gold vs. YPY $GC_F $G6J_F
bitcoin long $BTC
long gold $GC_F
Long London Cocoa (not shown) $LCC_F pic.twitter.com/FH2o0LxZEz—Peter Brandt (@PeterLBrandt) April 13, 2023
Earlier, former BitMEX CEO Arthur Hayes had revealed a rethink of his own investment strategy, opting to increase exposure to cryptocurrencies.
“The resulting Bitcoin rally will be one of the most hated in history,” he said. foretold in a blog post published last month.
Magazine: Bitcoin in Senegal: Why does this African country use BTC?
The views, thoughts and opinions expressed here are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
