Since the start of the trading year, Bitcoin has maintained a 3-month bullish candle close and is on a path to stealing a fourth. 2023 has been an eventful year for the crypto industry and Bitcoin price, which rallied massively to the surprise of many crypto analysts this month.
The significant price movements of Bitcoin, which saw it rally past $30,000 for the first time since June 2022, triggered euphoria and awakened the interests of retail and large cryptocurrency investors. While market sentiments may seem to be positive at the moment, what could have brought about these sentiments?
Bitcoin Price Takes The Spotlight
Bitcoin has shown grit in its recent price movements and rallies, dragging several altcoins with it as it recorded significant gains.
This positive price development of Bitcoin alongside other cryptocurrencies has led to crypto communities calling a start of a bull run and continued price movements.
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Recently, crypto expert analysts, celebrities, and even some traditional finance analysts have made BTC a topic of major discussion, dropping bullish price predictions for the cryptocurrency.
According to a Reuters report, Geoff Kendrick, head of digital assets research at Standard Chartered, made price predictions for Bitcoin, saying the alpha crypto could reach $100,000 by 2024.
Also, Robert Kiyosaki, the famous best-selling author of “Rich Dad Poor Dad,” recently called a $100,000 price prediction for BTC on his Twitter handle.
BTC’s sudden price rise and attention could be attributed to several market factors and happenings in the Tradfi and business world.
Recent news of the collapse of bank giants such as Silicon Valley and Silvergate caused a stir in the traditional finance world, with users worried about the security of their funds.
Concerns of rising inflation and de-dollarization have also resulted in financial experts and analysts looking to Bitcoin as a “Safe Haven” asset due to its decentralized nature.
While the woes of the traditional finance system continue with recent news of the First Republic Bank potentially failing, Bitcoin price is seen looking to close another month in the bullish territory.
Bitcoin Chart Analysis On The Weekly TimeFrame
On the monthly chart timeframe, Bitcoin price is heading up to close April on a bullish note after its 3-month consecutive run.
The weeks of April have witnessed bullish activity and amazing price action from BTC as it rallied past the $30,000 price region for the first time since last year.
Bitcoin hovers around key support on the weekly chart timeframe |Source: BTCUSD on TradingView.com
However, the previous week saw a huge price dump of BTC below $27,000 after it briefly tested the resistance hanging around the sub $31,000 price level.
This week is looking up for Bitcoin as bulls seem to take over. At the time of writing, BTC trades at $29,340, just above a key support level.
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A break below the $29,200 support level may see the alpha cryptocurrency looking to find the next support at the sub-$28,000 price level.
To the upside, if BTC bulls are able to build momentum and break resistance slightly above $30,000, then it could rally past $31,000 to test the next available resistance level.
Featured image from iStock, chart from TradingView.com
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Author: Mudiaga Iritare