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Bitcoin (BTC) maintained new 10-month peaks at the Wall Street opening on April 14, as analysts continued to anticipate further increases.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
$31,000 identified as critical trend line
Data from Cointelegraph Markets Pro and TradingView indicated that BTC/USD was consolidating around $30,700 after surpassing the $31,000 threshold.
The pair experienced no significant retracement as it moved deeper into territory it had initially lost in June 2022.
Currently, market participants were looking at the possibility for bulls to leverage existing momentum, aided by favorable macroeconomic trends.
U.S. equities opened on a positive note, with both the S&P 500 and Nasdaq Composite Index rising by 0.3% at the time of this report.
“With stocks starting strong, BTC managed to stay above the previous range high,” noted popular trader and analyst Josh Rager in a tweet following the market open.
“I believe we could see a retest and a push higher above $31k+.”
BTC/USD, S&P 500 charts. Source: Josh Rager/Twitter
Others also speculated on the potential for BTC/USD to reach $32,000 or higher in the near term before taking a more significant pause.
#BTC's recent breakout indicates that the price is now entering the $28800-$33000 range (orange-blue)
It remains uncertain whether $BTC needs to dip to establish ~$28800 as support before advancing to $33000
However, at this moment, there are more arguments for upward movement#Crypto #Bitcoin https://t.co/85DjLHoZnD pic.twitter.com/Nx7bQx0OWa— Rekt Capital (@rektcapital) April 13, 2023
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“I anticipate the next target is just above $33,000, where we will encounter the 100 moving average on the weekly timeframe,” macro analyst Jesse Dow stated in part of his Twitter analysis during the week.
“Remember, we have bullish divergence and convergence on the weekly. This has NEVER failed after we’ve seen at least a 75% decline in Bitcoin’s price from the previous cycle.”
Looking at the broader picture, the significance of the current range for spot price became increasingly apparent, with $31,000 serving as support throughout 2021 until the breakdown in June 2022.
Brandt remains bullish on Bitcoin
As various notable figures announced the onset of an “altseason,” one individual maintaining a strong bullish stance on BTC was veteran trader Peter Brandt.
Related: What Bitcoin bear market? BTC price closely mirroring previous halving cycles
In a tweet on April 13, Brandt disclosed long positions on Bitcoin alongside stocks, further suggesting that the worst of the bear market may now be behind.
Heading to MN for the summer. Current Factor LLC positions with trailing stops
Long Nasdaq $NQ_F
Long Gold vs. YPY $GC_F $G6J_F
Long Bitcoin $BTC
Long Gold $GC_F
Long London Cocoa (not shown) $LCC_F pic.twitter.com/FH2o0LxZEz— Peter Brandt (@PeterLBrandt) April 13, 2023
Previously, former BitMEX CEO Arthur Hayes had indicated a shift in his investment strategy, choosing to increase his exposure to crypto.
“The upcoming Bitcoin rally will likely be one of the most disliked ever,” he forecasted in a blog post published last month.
Magazine: Bitcoin in Senegal: Why is this African nation utilizing BTC?
The views, thoughts, and opinions expressed here are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.
