Will Bitcoin Continue Its Bullish Surge? Analyst Maps Potential Levels For BTC Price


Bitcoin Price Analysis

The post Will Bitcoin Continue Its Bullish Surge? Analyst Maps Potential Levels For BTC Price appeared first on Coinpedia Fintech News

The world’s leading cryptocurrency, Bitcoin, recently broke through its 10-month high, surging past the $30,000 mark and igniting a bullish sentiment among investors. This milestone comes after months of consolidation, and it has sparked renewed interest and optimism in the crypto market. However, the rally raises the question of whether Bitcoin will maintain its upward momentum or if it has already reached its peak. Market analysts have mixed opinions on the matter, with some projecting a continued surge while others caution against potential pullbacks.

Bitcoin Network Gives Bullish Outlook

The positive sentiment surrounding lower-than-expected CPI and PPI data has delivered impressive stability in the Bitcoin price chart in recent days. Mike Novogratz, cryptocurrency investor and CEO of Galaxy Digital, recently forecasted that Bitcoin could climb to $40,000, provided the Federal Reserve pauses interest rate hikes and initiates rate cuts.

Novogratz identified long positions in gold, the euro, Bitcoin, and Ethereum as the most transparent trades, each poised to benefit from anticipated adjustments in the Fed’s policies.

Moreover, in a recent tweet, crypto analyst Martinez observed that the number of newly-created Bitcoin wallets on the network has reached approximately 512,000. This surge, he suggests, signifies greater user adoption of BTC and could potentially lead to a price increase, as it represents heightened demand for the leading cryptocurrency.

What Lies Ahead For BTC Price?

Following a month of the consolidation period, the price of Bitcoin has managed to break through local resistance at $28,800, signifying a bullish recovery. Over the past week, the BTC price has soared by 9%, reaching the $30,000 mark for the first time in 10 months.

Bitcoin price recently experienced a downside correction from the $30,595 zone, with BTC dipping below the $30,000 support level. The cryptocurrency also slipped beneath the 23.6% Fib retracement level of the upward wave, which ranged from the $27,900 swing low to the $30,595 high.

However, bulls managed to hold their ground near the $29,630 zone, preventing further decline. In addition, the US CPI in March 2023 recorded another drop, falling to 5%. This economic data provided support for BTC, helping it maintain a positive stance above the $29,650 level. As a result, the cryptocurrency remains in a favourable position, with bulls actively defending key support zones.

As of writing, Bitcoin trades at $30.4K, gaining over 2% in the last 24 hours. BTC price is currently in a critical scenario, hovering above the EMA-20 trend line. Analysing the hourly price chart, Bitcoin may fly to the $31K-$32K resistance zone if bulls successfully overcome the hurdle at $30.5K. On the upper side, Bitcoin may extend its bullish momentum to $36K following positive macro news.

However, a bearish projection is anticipated if Bitcoin fails to bring enough buying pressure above $30K. A rejection will send the asset to trade at the critical support level of $29.5K.