Bitcoin (BTC) held fresh ten-month highs at the April 14 Wall Street open as analysts continued to expect further gains.
$31,000 Revealed as Decisive Trend Line
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair consolidated around $30,700 after breaching the $31,000 barrier.
The pair did not see any major pullbacks as it headed further towards the ground it originally lost in June 2022.
Now, Market participants eyed the potential for bulls to capitalize on existing momentum with the help of positive macroeconomic trends.
US equities opened higher, with the S&P 500 Index and Nasdaq Composite Index up 0.3% at press time.
“With stocks opening higher, $BTC was able to hold above the previous range high”, said popular trader and analyst Josh Rager to his Twitter followers after the open.
“I think we can see a retest and go higher here above $31,000.”
Others also considered the possibility of the BTC/USD pair reaching $32,000 or higher in the short term before taking a steeper timeout.
#BTC‘s recent breakout means that price is now entering the $28800-$33000 range (orange-blue)
It’s unclear whether $BTC needs to dip to solidify ~$28800 as support before jumping to $33000
But at the moment, more arguments for upside at this time#Crypto #Bitcoin https://t.co/85DjLHoZnD pic.twitter.com/Nx7bQx0OWa
— Rekt Capital (@rektcapital) April 13, 2023
The recent breakout of #BTC means that the price is now entering the $28,800-$33,000 range (orange-blue)
It is unclear if $BTC needs to dip to solidify ~$28,800 as support before jumping to $33,000
But for now, more arguments in favor right now
“I think the next stop is just a hair above $33,000 where we will hit the 100 SMA on the weekly time frame.” continued macro analyst Jesse Dow in part of Twitter analysis during the week.
“Don’t forget that we have bullish divergence and convergence on the weekly. And this has NEVER failed after seeing at least a 75% drop in the price of Bitcoin, since the previous cycle.”
Zooming in further, the importance of the current range for the spot price became even more visible, with $31,000 acting as support throughout 2021 until the June 2022 breakout.
Brandt remains bullish on Bitcoin
As various popular figures heralded the start of the “altseason”, one of those who remained firmly bullish on BTC was veteran trader Peter Brandt.
In a tweet on April 13, Brandt revealed long positions in Bitcoin, as well as stocks, in a further suggestion that the worst of the bear market was over.
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
LongBitcoin $BTC
Long Gold $GC_F
Long London Cocoa (not shown) $LCC_F pic.twitter.com/FH2o0LxZEz—Peter Brandt (@PeterLBrandt) April 13, 2023
Previously, Former BitMEX CEO Arthur Hayes had revealed a rethink of his own investment strategy, opting to increase exposure to cryptocurrencies.
“The ensuing Bitcoin rally will be one of the most hated in history,” he predicted in a blog post published last month.
The views, thoughts and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.