Bitcoin Analysts Predict Bullish Momentum Ahead
Bitcoin closed Q1, 2024 on a high note but faced a price correction at the start of Q2. However, the leading cryptocurrency has been steadily recovering and testing the $70,000 resistance level, showing signs of positive sentiment from investors.
Support Levels Favor Bitcoin Bulls
According to analyst Ali Martinez, the In/Out of the Money Around Price (IOMAP) indicator suggests that the odds are in favor of Bitcoin bulls. The number of addresses holding BTC at the support level outweigh those at the resistance level, indicating stable support for Bitcoin.
- 474,000 addresses hold 285,000 BTC between $70,760 and $71,200.
- 1.4 million addresses hold BTC between $68,220 and $70,325.
Analysis of Support Levels
The comparison of addresses and BTC held at support and resistance levels shows a significant advantage for Bitcoin bulls. With triple the number of addresses and BTC at the support level, the odds currently favor the bulls, according to the analyst.
Analyst Predicts Bitcoin Surge to $90,000
Captain Faibik, another crypto analyst, also sees bullish momentum for Bitcoin. The analyst notes a bullish pennant upside breakout on the daily chart, signaling a potential surge in the price of the flagship cryptocurrency.
- Bitcoin formed a pennant pattern in early March and broke out to the upside after closing above $70,000.
- The analyst forecasts a surge to the $88,000-$90,000 price range in the coming month.
Impact of Halving Event
The analyst attributes the bullish sentiment to the upcoming “Halving” event, which could help Bitcoin consolidate its support above current levels. This event is expected to drive further positive momentum for the cryptocurrency.