Bitcoin (BTC) has been able to maintain its new 10-month high at the April 14 Wall Street open, with analysts expecting further gains. The cryptocurrency has been consolidating around $30,700 after surpassing the $31,000 mark, with no major retracement in sight. This has led market participants to eye the potential for bulls to capitalize on existing momentum with the help of positive macro trends. United States equities opened higher, with the S&P 500 and Nasdaq Composite Index both up 0.3% at the time of writing. Some analysts believe that BTC/USD could hit $32,000 or more in the short term before taking a more pronounced time out.
According to data from Cointelegraph Markets Pro and TradingView, $31,000 has been revealed as a make-or-break trend line for BTC. Market participants are watching closely to see whether BTC/USD can maintain its current level or whether it will experience a significant dip. In June 2022, BTC/USD lost ground in this range, making it all the more important for spot price. However, the positive macro trends and bullish divergence and convergence on the weekly suggest that the worst of the bear market is now over.
Veteran trader Peter Brandt remains firmly bullish on BTC, revealing long positions on Bitcoin in addition to stocks. He believes that the worst of the bear market is now over and that BTC will continue its upward trajectory. Meanwhile, former BitMEX CEO Arthur Hayes has revealed a rethink on his own investment strategy, opting to increase crypto exposure. He predicts that the ensuing Bitcoin rally will be one of the most hated ever.
Bitcoin’s recent surge has sparked interest in the cryptocurrency across the globe. In Senegal, for instance, the use of BTC has become increasingly popular. The country has a growing community of Bitcoin enthusiasts, who have been using the cryptocurrency to conduct peer-to-peer transactions and to access global markets. The use of BTC in Senegal has been driven by a lack of access to traditional banking services and a desire for greater financial freedom.
In conclusion, BTC’s recent surge has been driven by positive macro trends and bullish divergence and convergence on the weekly. The cryptocurrency has been able to maintain its new 10-month high at the April 14 Wall Street open, with analysts expecting further gains. As more investors look to increase their crypto exposure, BTC’s upward trajectory is likely to continue.