Bitcoin's price is currently experiencing a new rally. Its price has risen significantly during the weekend and is now attempting to break another critical resistance level, close to $59,000. At the time of this writing, bitcoin's price is trading close to $57,700 according to CoinGecko, after rallying over 2.5% in the past 24 hours.
Buying volume is also slowly rising back up, which could point out the correction has come to an end, and the bulls are back in town. Due to this significant increase in the number of buyers entering the bitcoin space, we think a swing toward higher price ranges is not only possible but highly likely.
Just like we wrote yesterday, we're now anticipating a move toward $60,000 since BTC/USD held both the 21-day Modified Moving Average (MMA) near $51,000 and the 21-day Simple Moving Average (light blue) around $55,000. Additionally, bitcoin's price traded within the predicted range.
In terms of news, Forbes' Billy Bambrough wrote that "Now, with historical bitcoin price data showing March losses are often followed by an April rally, bitcoin traders and investors are feeling upbeat." Not only that, but Yahoo Finance’s Lucy Harley-McKeown reported that “ Visa had said it will allow the use of the cryptocurrency USD Coin to settle transactions on its payment network.”
Investors, traders, and analysts are essentially turning bullish on the cryptocurrency and expect a rally past its prior record price.
To conclude, we also think bitcoin's price will soon find a brand new all-time high.
Therefore, we remain bullish on BTC/USD as long as:
- BTC/USD remains above its 20-day MMA (red), 50-day MMA (green), and 200-day MMA (blue).
- BTC/USD doesn't drop below $55,000.
- BTC/USD daily volume goes above its 21-day Modified Moving Average soon
Traders Thoughts
Today’s first tweet comes from CryptoBoss, a cryptocurrency trader and technical analyst.
In his post, CryptoBoss shared a 4-hour chart of bitcoin’s price. He also added an inverse head and shoulders pattern, that according to Investopedia’s key takeaways,
“An inverse head and shoulders is similar to the standard head and shoulders pattern, but inverted: with the head and shoulders top used to predict reversals in downtrends.”
CryptoBoss believes that bitcoin’s price could be starting a brand new upwards trajectory into its prior all-time high price region.
If the above pattern plays out, this could translate into a rapid price ascension within the next few days.
The following post comes from LilMoonLambo, a cryptocurrency trader, investor and content creator.
LilMoonLambo shared bitcoin’s weekly price chart and wrote,
“New #Bitcoin all time high incoming.”
We think the trader believes bitcoin’s price will reach a new record price within the next week or so. We also notice volume is picking up, which could confirm LilMoonLambo’s analysis.
We think the final step is to wait for confirmation that bitcoin’s price holds above the 21-day Simple Moving Average during the next few days.
The following tweet comes from Simon Dedic, the Managing Partner at Moonrock Capital and a bitcoin and altcoin trader.
Dedic shared the Total Market Cap weekly chart in his post and wrote that
“Total crypto mcap about to go absolutely nuts.”
Essentially, the trader believes the entire cryptocurrency market, including bitcoin, will soon skyrocket in value. After the brief consolidation period that came after bitcoin’s price reaching a new all-time high close to $62,000, Dedic now thinks buyers are returning and that the chart is showing an imminent upswing.
We agree with him, and we also think a significant number of altcoins, besides bitcoin, will most likely grow in value in the next few weeks.
The last post of the day comes from Michael Saylor, the founder, chairman, and CEO of
MicroStrategy.
In his tweet, Saylor wrote a powerful message regarding bitcoin’s core ideals and what the cryptocurrency represents to many early adopters. He noted that
“If you believe everyone has a natural right to life, liberty, and property, then it is only a matter of time before you believe in #Bitcoin.”
Essentially, the CEO argues that bitcoin promotes fairness, and we speculate it is due to its hard-money properties. Because a singular entity cannot control bitcoin’s supply, it becomes a powerful tool to promote individual freedoms and to enforce digital property rights over your money.
This is the reason why we’re so bullish on bitcoin’s long term price.
Bitcoin Price Prediction
At the time of this writing, bitcoin's price is trading close to $57,800, according to CoinGecko.
Since the weekend, BTC/USD has been in an uptrend, and we think it may as well continue during the current week. Hence, a brand new record price should be near, perhaps until Friday.
Most analysts are pretty bullish on bitcoin and the entire cryptocurrency market and expect bitcoin's price to appreciate sometime during the next few weeks rapidly.
Therefore, how do we think the price will trade today and during this week? As shown in the above chart, we believe that bitcoin could top close to $61,000 in the next few days, as long as buyers return to the bitcoin space.
On the other hand, we don't expect the cryptocurrency to drop much below $55,700 near the 21-day SMA. If it fails to hold that level, then we think a drop toward $52,000 could play out; however, this is highly unlikely.
To finalize, the VPVR shows a high number of buy orders between $46,500 and $50,000.
It also indicates that there are almost no sellers left above $62,000.