As the crypto market experiences a new awakening, the recent rally in Bitcoin (BTC) has captured the attention of investors and enthusiasts. The flagship cryptocurrency has hit a remarkable 10-month high, breaching the $30,000 mark, fueled by an atmosphere of positive market sentiment. Amid continued economic uncertainties, investors are now eagerly awaiting the next Bitcoin price trend and pondering the potential implications for the broader market.
Bitcoin shows bullish indicators
Bitcoin’s recent rally has been partly driven by the observed drop in inflation in the global economy, raising anticipation that central banks may soon shift policy towards a more accommodative monetary stance.
In a remarkable streak from April 9 to 14, the price of Bitcoin soared more than 10%, posting its highest daily close in over ten months. While some experts might argue that this rise indicates a certain level of detachment from traditional markets, it’s important to note that both the S&P 500 and gold are hovering around their highest levels in half a year.
Furthermore, Bitcoin’s impressive rally above $30,000 came as the US Dollar Strength (DXY) index, a metric that measures the performance of the US currency against a basket of foreign currencies, plunged to its lowest. lowest point in a year.
According to on-chain firm BlockchainCenter, Bitcoin’s rainbow chart seems to suggest that BTC may have started a new rally leading up to the halving event. As of April 15, the chart positions BTC in the ‘Accumulate’ phase, following a period of consolidation within ‘Basically a Force Sell’ territory.
In March 2020, Bitcoin emerged from the ‘Basically a Fire Sell’ zone, trading below $6,000. This development marked a pivotal moment for the cryptocurrency, setting the stage for a price reversal that ultimately paved the way for the 2021 bull run. Consequently, this upward trajectory saw BTC reach a staggering all-time high of nearly $69,000. Therefore, Bitcoin may witness a possible bull run before the halving event.
Will Bitcoin hit $33K?
The bears are currently attempting to impede the upward move, trying to push BTC price down to its crucial support level of $30K. If the buyers fail to hold the price above $30,500, the value of BTC may drop significantly below the 23.6% Fibonacci level.
If the BTC price falls below $30K but manages to sustain above the 20-day EMA at $28.7K, the probability of a rally above $32.5K in a few days will increase. Should this threshold be breached, Bitcoin can skyrocket towards the $40,000 mark.
At the time of writing this article, the price of BTC is around $30,400, experiencing a drop of close to 1% in the last 24 hours. A renowned cryptanalyst suggests that Bitcoin could soon face a slight pullback, testing support near the $29K mark. If the BTC price holds firmly above this level, it may build enough buying momentum to push its value beyond $33K.
This post Bitcoin Heads For $33K Next Week! Traders should keep a close eye on these levels
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