Bitcoin Bullish Prediction: Is it Time to Go Long?

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Key Insights

  • There have been speculations about an upcoming altcoin season, but Bitcoin still has a lot of strength in it
  • Several analysts on Twitter including Peter Brandt have drawn similarities between Bitcoin's price action and prior bull markets
  • These analysts think it might be time to go long on Bitcoin
  • The immediate price targets for Bitcoin bulls are from$32,400 to $40,000

Bitcoin and Ethereum, two of the largest cryptocurrencies by market cap broke through important resistance zones this week.

For BTC, it was the $30,000 zone, while for Ethereum, it was the $2,000 zone following the Shapella upgrade that took place on the network on Wednesday.

Ethereum's performance was slightly ahead of Bitcoin's, as illustrated by Ethereum's 12% gain against Bitcoin over the last week in the chart below.

Chart showing Ethereum's gain against Bitcoin
Chart showing Ethereum's gain against Bitcoin

This gain by Ethereum against BTC has led to speculations about an incoming altcoin season. However, it might be a little too early for that.

BTC still has some strength left in it, and another powerful leg up might be in the works.

The current halving cycle and the previous ones share a lot of similarities, according to data from the on-chain intelligence platform Glassnode, leading us to believe that things might not be over for Bitcoin yet.

How likely is Bitcoin to break above the $31,600 zone and reach the $35,000 zone soon?

Is it time to go long on BTC?

Let's find out.

Peter Brandt Says "Long Bitcoin"

Prop Trader, analyst and author, Peter Brandt took to Twitter earlier this week, to share his thoughts on BTC via a tweet.

Brandt shared a few images of charts, one of which was Bitcoin's.

Chart showing Peter Brandt's thoughts on <a href='' target='_blank' rel='noreferrer noopener'>BTC</a>
Chart showing Peter Brandt's thoughts on BTC

In the Bitcoin chart, Brandt illustrated several minor formations, in the descending channel that carried BTC from its all-time high in November 2021 to the $15,500 zone after the FTX crash a year later in November 2022.

Brandt's chart shows the $215,300 zone as a major resistance. And a close look at a chart from TradingView shows that BTC broke through this zone on 17 March.

Chart showing Bitcoin's break above $25,300
Chart showing Bitcoin's break above $25,300

In all, Brandt's chart shows a clean break above this zone, and he ends his think-piece with a "Long BTC" verdict.

Price Action And Weekly Close Expectations

To begin with, Bitcoin's daily RSI is bordering on the overbought zone and is just sitting on the 70.05 spot at the time of writing.

The April 12 bullish momentum after Ethereum's Shapella upgrade was met with some resistance from the bears. However, the bulls managed to push the price further, eventually breaking through $30,000 and hitting the $31,000 zone.

Chart showing Bitcoin's break above $30,000
Chart showing Bitcoin's break above $30,000

Overall, if the bulls manage to keep the price of the cryptocurrency above $30,000 a price rally above $31,600 and to the $32,400 zone becomes possible.

On the flip side, if the bears manage to create a retracement from where the cryptocurrency now sits, a retest of the 20-day SMA around $28,500 is the next line of action.

As long as this zone remains unbroken, a rally to $32,400 is still possible.

This leaves the weekly target for the cryptocurrency as $32,400, and further price targets as $35,000, $37,000 and ultimately $40,000.

Other Analysts Chip In On Bitcoin

Trader and analyst, Moustache had more to say about BTC in a tweet on Friday.

Moustache drew comparisons between the upcoming bull market and previous ones, using a chart.

He says that BTC being above the 70 mark on the RSI indicates a parabolic rally. He went further to ask if the start of the upcoming bull market may be different this time.

King La Crypto, another analyst, shared a chart showing the possibility of a BTC rise, along with the caption, "It's happening again"

Chart showing Bitcoin's movement with its RSI
Chart showing Bitcoin's movement with its RSI

Overall, it appears that the consensus on BTC is that its current price action resembles that of prior bull markets and that a massive rally is starting to look possible for the cryptocurrency.

Bullish Price Targets On Bitcoin

The first and most important bullish price target on BTC is $31,600, after which a rally to $32,400 becomes possible. In detail, these targets are:

  • $31,600
  • $32,400
  • $35,300
  • $37,150
  • $40,000

If the bullishness on BTC continues and the cryptocurrency breaks $31,600 the next stop is a rally straight to $32,400.

Bearish Price Targets On Bitcoin

If BTC encounters a pullback from where it now sits, it is expected to decline into a retest of its 20-day SMA (around $28,800). this leaves room for further drops if the bears manage to crack this moving average.

The bearish price targets for BTC are:

  • $28,800
  • $25,300
  • $21,500
  • $19,600

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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