BTC price target set at $35,000 as Bitcoin sees ‘massive’ liquidity pressure
Bitcoin (BTC) remained on course for its highest weekly close in ten months on April 2 when $28,000 held.
BTC Price Analyst: “Massive” Liquidations Due at $30,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD steady over the weekend after ending March near $28,500.
A key resistance point from earlier in its current halving cycle, the current trade zone represents a major hurdle for bulls to overcome. Should they pull it off, the price targets extend beyond the $30,000 mark.
Not an expert on classic chart patterns, but if we can adapt the current structure in it, it gives a minimum price target of 35000$ for #Bitcoin
Also a nice confluence of a break above the high at 32.5K where many stops sit to create a possible deviation above the … pic.twitter.com/xTAz6yVgO7
— JACKIS (@i_am_jackis) 30 March 2023
“Bitcoin has consolidated below the biggest resistance/support in the last 2+ years,” analyst Matthew Hyland in summary in his latest tweet on BTC.
“Whole new ballgame if BTC breaks it. NASDAQ & S&P went into week end strong. Still big pessimism and disbelief as big milestones close to being done for stocks/BTC.”
Popular Twitter account Byzantine General predicted that a resistance breakout just above the spot price would result in a wave of liquidations, leading to further upward momentum.
“Feels like a bear very desperately trying to defend the 29,000 to 30,000 region,” said one tweet on the day.
“I think when this level breaks there will be massive liquids coming in. And it feels like a matter of ‘when’ not ‘if’ because there is zero foam in the market, just some spot supply.”
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An accompanying chart showed the Binance BTC/USDT order book with buy and sell liquidity concentrations by price level.
On shorter time frames, however, traders were content to wait for the weekly close to cement previous gains.
“For this weekend it works on grain and for the continuation the bulls want to regain the area high of $28,750. Until we relax,” Crypto Tony tweeted on the day.
Others were more pessimistic, among them trading resource Stockmoney Lizards, which described a correction as “highly likely” before BTC/USD reaches $30,000.
as in February, we are now seeing a bearish divergence. Correction still very likely before we approach 30k. pic.twitter.com/atXM2aiBqa
— Stockmoney Lizards (@StockmoneyL) 2 April 2023
Bitcoin bulls add another 23% in March
Last month still managed to crown itself as one of Bitcoin’s best March months.
Related: Bitcoin Price Hits $28.5K on PCE Data as Macro Accumulation Zone Ends
According to data from Coinglass, 23% gains for BTC/USD almost match the performance of 2021, while 2013 remains the most volatile.
Bitcoin’s trajectory mimics both years, seeing at least three months “in the green” before significant consolidation began.
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.
