Bitcoin (BTC) continues to walk on water at the Wall Street open on April 10, but cryptocurrency market participants are betting on a serious breakout below.
After a late rally sent the BTC/USD pair to its highest weekly close since June 2022, there is new optimism about an attempt to reach $30,000.
Data from Cointelegraph Markets Pro and TradingView show a fresh start to the macro trading week, with $28,200 currently forming a target.
However, With formidable resistance above, Bitcoin has spent much of the last week in a firmly established but narrowing trading range.
The theory goes that the longer it holds, the more intense the eventual breakout will be, either to the upside or down.
Cointelegraph takes a look at the perspectives of some popular analysts when it comes to what BTC price action will do next.
Material Indicators: Will Bitcoin “Rise or Fall”?
Order book data plays a key role in determining flash price movements, and the latest figures from Binance warn that volatility is yet to come.
A snapshot posted to Twitter by monitoring resource Material Indicators shows that both buy-side and sell-side liquidity are pulling back from near-spot to lower and higher levels, respectively.
This, in turn, gives the market room for more erratic moves within its range, increasing the potential for a more substantial trend break.
“It’s going to be an interesting week. FireCharts shows that the paths to volatility are clearing in both directions. The question is, will BTC jump or fall after all this crash?” commented Material Indicators.
“This week’s CPI and PPI reports could be catalysts, but so is liquidity, as we saw yesterday before the W candle closed.”
Credible Crypto: BTC Price Copy 2020 Breakout
For popular trader Credible Crypto, Bitcoin is recreating a bullish preparatory structure from just before it broke through its former all-time high of $20,000 in late 2020.
$26,000-$29,000 today is “incredibly similar” in terms of price action to the $8,000-$10,000 range in the summer of that year, he argues.
In a perfect world, the BTC/USD pair would fall to around $27,500 to cement that area as support before a bullish rally, as the accompanying chart illustrates.
As Cointelegraph reported, Credible Crypto is not the only market participant seeing similarities to Bitcoin’s bull runs of yore, with 2019 also forming a focus.
Stockmoney Lizards: “Decision Point” for Bitcoin
Financial information resource Stockmoney Lizards meanwhile believes the overwhelmingly likely outcome of the current rangebound period is “bullish.”
In his latest graphical prediction, stressed The BTC/USD pair making a series of higher lows while preserving the same resistance cloud near $30,000.
This, he believes, will result in the bulls winning as Bitcoin reaches a “decision point”.
The analysis published the same day reinforces the idea that if a resistance level “has been tested x times and not broken, it may be a sign that the level is weakening and a breakout is more likely.”
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