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.
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.
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.
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.
In all, Brandt's chart shows a clean break above this zone, and he ends his think-piece with a "Long BTC" verdict.
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.
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.
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.
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:
If the bullishness on BTC continues and the cryptocurrency breaks $31,600 the next stop is a rally straight to $32,400.
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:
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