BTC Price Analysis: Will Bitcoin Break $30,000?

BTC Price Analysis: Will Bitcoin Break $30,000?
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Bitcoin is now at its six-month high price. It has recently moved towards the psychological level of $30,000, which is also a Fibonacci retracement level. Let us have a look at some price analysis to see if Bitcoin might cross this price and begins its rally to break $69k, its all-time high price.

Technical Analysis

Since we are looking at larger levels over a period of six months, it would be wiser to use daily charts. Daily charts help identify trends over a few weeks. They are called so because each point in a daily chart corresponds to one day.

Bitcoin Daily Charts on 10 April 2023
Bitcoin Daily Charts on 10 April 2023

On daily charts, we can see that:

  • RSI has been showing a greater price momentum and is stabilizing near 60, a bullish signal.
  • MACD line is above the signal line, confirming the growing price momentum indicated by RSI.
  • However, volumes are low despite the rise in price. This shows that a significant amount of traders are uncertain.
  • Finally, a sharp price rise always meets with some consolidation.

On-Chain Analysis

There are several insights from on-chain data. Bitcoin is getting more and more democratic with greater retail adoption. Further, small investors and traders are taking a deep interest, which is clearly visible in the following data points.

Record Retail Ownership

Small-time investors who have just over 1 Bitcoin are at an all-time high now. On-chain data shows similar trends for Ethereum as well. This indicates that Bitcoin is safer from the manipulation of a few big whales. Into the block insights also show that whale concentration is just at 11%. Further, the current total number of addresses is at a six-month high of 46 million holding addresses as per CoinMarketCap.

https://twitter.com/glassnodealerts/status/1644977412684279809

69% HODLers are in Profit

Into the Block data shows that as much as 69% of Bitcoin wallets are in profit. Also, most of these wallets are investors who have held the cryptocurrency during the tough crypto winter, indicating a strong community.

People are Skeptical of Bitcoin Prices

The reason is simple; Bitcoin gained about 30% or more during the past five weeks. It is reasonable enough to expect a pullback. The decreasing number of perpetual contracts shows that trader participation is low even if prices are on the rise.

https://twitter.com/glassnodealerts/status/1644947171651862528

Target and Stop loss

Investors can buy Bitcoin if they have a view of 6 months to 1 year. Bitcoin might soon cross $30,000 due to the ongoing US banking crisis and devaluation of the US Dollar, as pointed out by ex-Coinbase CTO Srinivasan. Further, many agencies are predicting that Bitcoin might cross its all-time high before 2023 ends.

Traders are best advised to stay out of the market as strong fundamentals exist, such as the US Banking Crisis and the de-Dollarization of international markets. Such uncertainties can destroy your trading capital as moves can be instantaneous.

If prices cross $29,500, you can buy for a target of $32,100 while keeping the stop loss at $29,100.

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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