$30,000 within reach as support forms
After breaching the $28,000 psychological level, Bitcoin (BTC) has halted its uptrend, but several cryptocurrency analysts have identified certain chart patterns that indicate the decentralized finance (DeFi) asset was in for a bullish rally in the near future.
One of them is the popular cryptanalyst Mustache, who has noted that Bitcoin recently had “another weekly close above the sampling period in the Gaussian channel”, interpreting this as a “good sign”, as he explained in a chirping published April 3.
As the crypto market expert further clarified, Bitcoin appears to be forming “support to break the next target from here,” advising patience as the price consolidates and expressing his opinion that $30,000 or more was “just a matter of time.”
Cryptoanalysts agree
The crypto expert’s stance is shared by other analysts, i.a CryptoYoddhawho has shared a bullish chart analysis, showing Bitcoin’s past movements and future predictions, sees the $30,000 area by the end of April, continuing to $37,000 in May and further towards $57,000 as the year’s end approaches, punctuated by several dives.
On top of that, popular crypto commentator Direct Capital hair observed similarities between Bitcoin’s current price action and that of 2019, which was followed by several long green candles, leading to a price increase of $7,500. If BTC succeeds in doing the same this time, $35,000 is likely. Simultaneous, Altcoin Sherpa hair identified a target for Bitcoin of $36,000.
Bitcoin price analysis
As of now, the first digital asset is trading at a price of $28,276, representing a 0.10% decrease over the last 24 hours, but still a 0.81% increase over the previous week, in adding to a 26.42% gain across the past 30 days, according to the latest data retrieved on April 3.
Meanwhile, cryptoanalyst Matthew Hyland observed on April 2 that $30,000 has served as Bitcoin’s significant resistance and support level for the past two years, and if it managed to reverse this position, it could mean a “whole new ballgame” for the top-performing asset class in first quarter 2023.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
