Bitcoin Analysts Predict Dip to Cement $30,000 Support as BTC Price Remains Bullish
Bitcoin (BTC) has remained relatively stable over the weekend, with market participants staying optimistic about further gains. As of April 15, BTC/USD was hovering near $30,500, finishing the Wall Street trading week on a less volatile note along with fairly flat United States equities. With the ten-month highs of $31,035 remaining in force, traders and analysts are considering the options for how BTC price action could play out next.
Credible Crypto, a popular technical analyst, retweeted a chart of BTC/USD and funding rates from Murfski, stating, “We’re going higher. Much higher. Most still sitting on the sidelines, funding still relatively flat. This is disbelief depicted on a chart.” Murfski had described being long BTC in 2023 as “incredibly cheap” thanks to year-to-date gains of over 70%. “Being long still doesn’t feel like a crowded trade yet…,” he added.
As Cointelegraph reported, $33,000 was a popular near-term target toward the end of the week. To the downside, however, $30,000 was now the all-important support level. Michaël van de Poppe, founder and CEO of trading firm Eight, predicted in part of analysis on the day, “Expecting a sweep at $29.6K as likely, before we’ll continue the uptrend.” Trader and analyst Rekt Capital was also convinced about upside continuation as the ultimate result, calling Bitcoin “well positioned” on daily timeframes.
The trip above $30,000 has sparked some “unsurprising” shifts in wallet dynamics. The number of BTC addresses in profit hit 16-month highs on April 14, according to data from on-chain analytics firm Glassnode. At over 33 million, in-profit addresses thus neared their 38 million tally from November 2021, when BTC/USD hit its current all-time high of $69,000. Trading suite Decentrader nonetheless struck a more cautionary tone as it revealed large-balance wallet numbers declining. “Unsurprisingly, we’ve seen some changes in wallets holding Bitcoin as we approached $30k,” it noted. “Wallets holding >100btc saw a very significant drop of 200, virtually overnight. The increase we saw in December has now been reversed entirely.”
In conclusion, analysts predict that Bitcoin should dip to cement the $30,000 flip to support as bullish BTC price takes stay in play. While some cautionary tones have been struck, the overall sentiment remains optimistic.