As the bitcoin (btc) “halving” approaches, expectations are rising for how the flagship cryptocurrency will perform. bitcoin (btc) is regaining momentum after facing a significant correction in the early days of the second quarter, with some analysts predicting new highs for the number one cryptocurrency soon.
Are the odds in favor of the bulls or the bears?
bitcoin had its best quarterly close during the first quarter of 2024. Despite btc's stellar performance, as the second quarter began, the market was dragged down by the leading cryptocurrency's price correction.
Since then, bitcoin has been steadily recovering, testing the $70,000 resistance level over the weekend. Coming into the week, btc seemed to have regained support above the $70,000 level.
crypto analyst Ali Martínez seems to think that bitcoin's performance so far reflects positive investor sentiment. In an x post, Martínez shared a graph that paints an optimistic picture, at least for now.
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When comparing support (1.4 million addresses with 893,000 twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$btc between $68,220 and $70,325) with resistance (474,000 addresses with 285,000 twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#btc between $70,760 and $71,200), the odds seem to favor twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin Bulls! pic.twitter.com/pceCyGa8mb
– Ali (@ali_charts) twitter.com/ali_charts/status/1777651444235022411?ref_src=twsrc%5Etfw” rel=”nofollow”>April 9, 2024
According to Martínez's post, the In/Out of the Money Around Price (IOMAP) indicator appears favorable to the bulls. According to the chart, addresses holding btc at the support level greatly outperform those holding bitcoin at the resistance level.
The chart suggests that bitcoin has “stable support” as 474,000 addresses hold 285,000 btc between $70,760 and $71,200. Meanwhile, 1.4 million addresses hold the flagship cryptocurrency between $68,220 and $70,325.
In comparison, the addresses and btc held at the support level are almost triple those in the resistance zone. For the analyst, the bulls are the current winners since “the odds seem to favor them.”
Analysts Predict bitcoin to Hit 90,000 Soon
Captain Faibik, another crypto analyst, also seems to sense more bullish momentum for bitcoin. In an x post, the analyst suggests that the “bullish breakout of the btc bullish pennant is confirmed on the daily chart.”
According to the chart, the price of the flagship cryptocurrency began a period of consolidation in early March, forming a pennant pattern. This pattern saw a bullish breakout after Monday's daily candle closed above the $70,000 price range.
Due to this breakout, the analyst forecasts a rise to the $88,000 to $90,000 price range this month.
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twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$btc The bullish pennant's upward breakout is confirmed on the daily time chart.
Now, send bitcoin at 88-90k this month. twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#crypto twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#btc twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin pic.twitter.com/ok2DGPXsAb
– Captain Faibik (@CryptoFaibik) twitter.com/CryptoFaibik/status/1777556322344386913?ref_src=twsrc%5Etfw” rel=”nofollow”>April 9, 2024
At the time of writing, bitcoin remains above the $70,000 support level, just 5% below its most recent all-time high (ATH) price of $73,373. Despite the positive resistance, btc price performance shows a slight decrease of 2.3% from yesterday.
Similarly, its daily trading volume and market capitalization have decreased slightly. According to data from CoinMarketCap, btc's daily trading volume is down 6%, while its $1.38 trillion market cap represents a 2.1% decline.
However, bitcoin remains 8.4% above its price seven days ago, trading at $70,378. Further bullish sentiment, fueled by the upcoming “Halving” event, could help the largest cryptocurrency by market capitalization consolidate its support above current levels.
<img decoding="async" class="size-large wp-image-602292 aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/04/Are-the-odds-in-favor-of-Bitcoin-bulls-Analysts-predict.png" alt="btc, BTCUSDT, bitcoin” width=”860″ height=”433″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-09_08-06-55.png?w=1022 1022w, https://www.newsbtc.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-09_08-06-55.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-09_08-06-55.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/04/Are-the-odds-in-favor-of-Bitcoin-bulls-Analysts-predict.png 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-09_08-06-55.png?w=360 360w, https://www.newsbtc.com/wp-content/uploads/2024/04/BTCUSDT_2024-04-09_08-06-55.png?w=750 750w” sizes=”(max-width: 860px) 100vw, 860px” loading=”lazy” data-recalc-dims=”1″/>
bitcoin sits above the $70,000 support level in the 1-day chart. Source: BTCUSDT on x/bqlk0Pbr/" target="_blank">Tradingview
Featured image from Unsplash.com, chart from TradingView.com
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