BitcoinBTCThe stock regained its February highs last Friday, as the focus shifted to the coming weekly close.
Important points
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Bitcoin is at its highest in the last ten weeks. Markets have lost their geopolitical nerves.
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A trader believes that the price of BTC could increase by $88,000 within two to four week.
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Watch out for the weekly candle level of $72,800.
The Bitcoin price has reached its local maximum, bringing hope for $88,000
TradingView’s data confirms a new high of $77.027 for Bitstamp in the last ten weeks.
BTC’s price movement aimed to take advantage of recent gains in risk assets. Geopolitical tensions, and the uncertainty surrounding global oil supply are increasingly being priced into BTC. Market confidence was further boosted after a ceasefire appeared between Israel and Lebanon.
On Thursday, the S&P 500 hit 7,050 points for the first time in history, sealing its highest-ever close and its second all-time high This week’s top stories
Commenting, crypto trader Michaël van de Poppe said that Bitcoin should soon gain more thanks to reduced macro volatility, notably in tHe VIX volatility index.
“As long as the VIX continues to fall, and we’re in a new equilibrium, where oil volatility goes down, Gold volatility significantly drops,” he wrote In a comment on X.
“What will you start to see? More inflows in the $BTC ETF as allocators can allocate more towards Bitcoin.”
Van de Poppe mentioned the US Bitcoin Exchange-Traded Funds (ETFs), where $330 million has been inflowed in a net week, according to data from UK-based Investment Firm Farside Investors.
“That would also benefit altcoins and $ETH, as they’ll follow the path of Bitcoin,” He also added.
“In that case, I see a strong case for Bitcoin continuing the rally to $85-88K in coming 2-4 weeks.”
Rekt, the trader and analyst, had set the target at $72,800. “pivotal” Level to be claimed at the weekly closing candle for BTC/USD.
“If Bitcoin wants to Weekly Close above the Weekly resistance ($72,810, blue), then price would need to hold the blue level as support on any upcoming dip,” He explained A chart illustrating key price points is displayed alongside the table.
“The last time Bitcoin rejected from the black resistance in mid-March, price also lost the blue level as support. Which is why a Daily Close below the blue level after any upcoming dip could see price drop back into the blue-blue Weekly Range.”
BTC Price to fall due to volume
Roman was one of the traders who had a bearish outlook, predicting lower prices in the future.
Related: Bitcoin can grow ‘probably a lot bigger’ than $30T+ gold market — Analysis
He warned that a decline in trading volume to the highs was an indication of declining momentum.
“We’re in a macro downtrend which when we see high volume continues downward. Low volume implies consolidation/correction to continue the overall trend,” He explained On X.
“The next high volume move likely takes us lower.”
The following are some of the ways to get in touch with us. Cointelegraph reportedSub-$50,000 remains a popular guess for Bitcoin’s macro bottom.
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Source: cointelegraph.com
