Market Analysis

BITCOIN PRICE ANALYSIS & PREDICTION (April 8) – BTC Signals Another Rally With Double-Bottom Formation, Incoming New High?

Following a quick shift in sentiment, Bitcoin BTC is now looking strong again as it charges $73,000. It has established a base support and formed a new bullish pattern on the daily. It is currently set for an explosion.

As the halving draws nearer, Bitcoin’s price level has changed again and from the look of things, it is gearing up for another upward movement. Volatility increased today and the price is now surging massively.

Apart from the solid $60,700 level that brought the bulls back on track in March, it has found another support above the $64,000 level last week and is now bouncing back again with a strong bullish formation on the daily chart. 

Considering the latest bullish signal, Bitcoin is likely to witness a bigger price movement in the next few weeks. But if history repeats, we may see a broad retracement after the halving takes place. Failure to retrace could result in a parabolic movement. 

Currently, there are no signs of selling in the market. The only condition for bearishness from a short-term perspective lies in a crash below March’s low, which was recently defended by the bulls. From a technical standpoint, that could be the last revisit BTC would see during this bull cycle. 

While the bulls remained formidable in their long-term quest to sustain momentum, we can expect more growth as bigger gains lie ahead for the leading cryptocurrency by market cap.

Bitcoin’s Key Levels To Watch

Source: Tradingview

As of now, the bulls are eyeing the previous resistance of $73,777. Once they successfully conquer this key resistance, their next target would be $75,000 and also $80,000 in the future. 

The flipped $71,800 level is now considered a pullback level on the hourly chart. If the price drops lower, we may see Bitcoin slide back to $69,000 and the recently bounced $64,500 support. Losing this support could plummet the price to $60,775.

Key Resistance Levels: $73,777, $75,000, $80,000

Key Support Levels: $69,000, $64,500, $60,775

  • Spot Price: $72,300
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: fellowneko/123RF // Image Effects by Colorcinch

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