Pundit Predicts Bitcoin’s Next Price Move As Accumulation Continues ⋆ ZyCrypto
Bitcoin (BTC) continued to trade in a narrow range over the weekend, around $30,000, after a week of volatility.
BTC started the week around $28,300, but the bulls managed to push the price up to $30,900 by Friday, marking a new ten-month high. However, the price has since retreated, with BTC hovering between $30,100 and $30,500. Despite this, BTC’s market cap has continued to rise steadily, from $318.5 billion to $586.8 billion.
Ethereum (ETH), on the other hand, has been relatively quiet, holding around $2,100 after gaining over 13% in the past seven days, thanks in part to the recently concluded Shanghai upgrade. Overall, the cryptocurrency market has been relatively stable in recent days, with most altcoins following BTC’s lead. The weekend’s lower trading volume has also contributed to the calm in the market.
Bitcoin At Crossroads, Analyst Warns
Meanwhile, as bears and bulls continue to battle in a critical multi-year support-resistance zone, popular cryptoanalyst “Ali” warns that Bitcoin may witness a slight pullback. According to the expert, Bitcoin now faces a significant challenge to surpass the resistance level between $30,270 and $32,150.
“$30,270-$32,150 resistance remains a tough hurdle for Bitcoin where 770K addresses bought 360K BTC,” Ali tweetedApril 16.
Ali advised caution if this support level breaks, as the next key support is at $27,600 – $28,450. “Meanwhile, $29,330-$30,200 support is holding strong where 700K addresses bought 390K BTC. Be careful if this level breaks; they the next key support is at $27,600-$28,450,” he added.
This indicates that BTC may experience some downside pressure in the short term. Nevertheless, Ali’s analysis reveals that many investors are still willing to buy the cryptocurrency at current levels, indicating underlying support.
In an earlier tweet, Ali pointed out that the Stock-to-Flow Ratio Multiple (SORP), an indicator with a strong track record of signaling the start of bull markets, suggested explosive growth for Bitcoin.
“Another Bitcoin indicator suggests explosive growth! Historically, aSORP (90d) below 1 signals a bear market, and above 1 signals a bull market. In 2015, 2019 and 2020, it led to 6110%, 150% and 579% gains. aSORP moved recently above 1, suggesting that $BTC is poised to go parabolic, he wrote.
Mulder Sonny, another cryptoanalyst, predicts that Bitcoin could lose $85,000 before June 30. In a Sunday tweet, the pundit suggested that Bitcoin’s price could mimic the price action of 2015 if the current quarter goes strong, potentially creating a new all-time high or “blow off top,” though that was not a guarantee yet.
At press time, Bitcoin was trading at $30,331, down 0.28% according to CoinMarketCap. Likewise, Ether remained flat, changing hands at $2,090 after falling 0.54% over the same period.
