- 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 Bitcoin, 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.
This gain by Ethereum against Bitcoin has led to speculations about an incoming altcoin season. However, it might be a little too early for that.
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Bitcoin 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 Bitcoin?
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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 Bitcoin via a tweet.
Heading to MN for the summer. Current Factor LLC positions with trailing stops
Long Nasdaq $NQ_F
Long Gold vs. YPY $GC_F $G6J_F
Long Bitcoin $BTC
Long Gold $GC_F
Long London Cocoa (not shown) $LCC_F pic.twitter.com/FH2o0LxZEz
— Peter Brandt (@PeterLBrandt) April 13, 2023
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Brandt shared a few images of charts, one of which was Bitcoin’s.
In the Bitcoin chart, Brandt illustrated several minor formations, in the descending channel that carried Bitcoin 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 Bitcoin broke through this zone on 17 March.
In all, Brandt’s chart shows a clean break above this zone, and he ends his think-piece with a “Long Bitcoin” 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.
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 $40,000.
Other Analysts Chip In On Bitcoin
Trader and analyst, Moustache had more to say about Bitcoin in a tweet on Friday.
#Bitcoin (W)$BTC above 70 (RSI) = Parabolic Rally!🌋
This is how it was all the years before!
Is it different this time? $BTC has just cracked the 70 level on the RSI.
Imagine the bears are waiting for a significant pullback and it doesn't come.👀 pic.twitter.com/J4M9gJr3GX
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) April 14, 2023
Moustache drew comparisons between the upcoming bull market and previous ones, using a chart.
He says that Bitcoin 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 Bitcoin rise, along with the caption, “It’s happening again”
Overall, it appears that the consensus on Bitcoin 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 Bitcoin is $31,600, after which a rally to $32,400 becomes possible. In detail, these targets are:
If the bullishness on Bitcoin continues and the cryptocurrency breaks $31,600 the next stop is a rally straight to $32,400.
Bearish Price Targets On Bitcoin
If Bitcoin 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 Bitcoin are:
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.