Bitcoin traders in ‘disbullief’ as analyst predicts $30K BTC retest
Bitcoin (BTC) consolidated into the weekend as market participants remained optimistic about further gains.
“Most people are still sitting on the sidelines” with Bitcoin
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering near $30,500 on April 15.
The pair had ended the Wall Street trading week on a less volatile note alongside fairly flat US stocks.
With the ten-month highs of $31,035 remaining in place, traders and analysts considered the options for how BTC price action could play out next.
“We go higher. Much higher,” Credible Crypto in summaryretweet a chart of BTC/USD and funding rates from popular technical analyst Murfski.
“Most people are still sitting on the sidelines, funding is still relatively flat. This is disbullief depicted on a diagram.”
Murfski had described being long BTC in 2023 as “unbelievably cheap” thanks to gains of over 70% so far this year.
“Being long still doesn’t feel like a crowded trade yet…,” he added.
As Cointelegraph reported, $33,000 was a popular short-term target by the end of the week. On the downside, however, $30,000 was now the all-important support level.
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“Expect a sweep of $29.6K as likely, before we continue the uptrend,” Michaël van de Poppe, founder and CEO of trading firm Eight, predicted in part of the analysis on the day.
Trader and analyst Rekt Capital was also convinced of upside continuation as the final outcome, calls Bitcoin ‘well positioned’ on daily timeframes.
Large wallet balances start to shrink
The trip above $30,000, meanwhile, triggered some “unsurprising” changes in wallet dynamics.
Related: Latest Bitcoin Price Data Suggests Double Top Above $200K in 2025
The number of BTC addresses in surplus hit 16-month highs on April 14, according to data from chain analytics firm Glassnode.
With over 33 million, profit addresses thus approached 38 million as of November 2021, when BTC/USD reached its current all-time high of $69,000.
Trading suite Decentrader nevertheless struck a more cautious tone when it revealed that the numbers for large wallets were declining.
“Not surprisingly, 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 practically overnight. The increase we saw in December has now been completely reversed.”
Additional data knew 1,000+ BTC wallet numbers remain stable through the return to $30,000.
The views, thoughts and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
