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Bitcoin (BTC) remains stable as the Wall Street session opens on April 10, yet participants in the crypto market are anticipating a significant breakout ahead.
Following a late surge that propelled BTC/USD to its highest weekly close since June 2022, there is renewed optimism regarding a challenge of the $30,000 mark.
Data from Cointelegraph Markets Pro and TradingView indicates a subdued start to the macro trading week, with $28,200 currently serving as a focal point.
BTC/USD 1-day candle chart (Bitstamp). Source: TradingView
However, with significant resistance overhead, Bitcoin has spent much of the past week within a firmly established yet increasingly narrow trading range.
The longer this situation persists, the theory suggests, the more pronounced the eventual breakout will be — whether it is upward or downward.
Cointelegraph examines the perspectives of several well-known analysts regarding the potential future movements of BTC price action.
Material Indicators: Will Bitcoin “pop or drop?”
Order book data is crucial in predicting sudden price movements, and the latest statistics from Binance indicate that volatility is on the horizon.
A snapshot shared on Twitter by the monitoring resource Material Indicators reveals that both buy-side and sell-side liquidity are being withdrawn from near the spot price to lower and higher levels, respectively.
This development allows the market to experience more erratic movements within its range, heightening the likelihood of a more significant trend break.
“It’s going to be an interesting week. FireCharts shows pathways to volatility are clearing in both directions. The question is, will BTC pop or drop after all of this chop?” Material Indicators remarked.
“CPI and PPI reports this week could be catalysts, but so could liquidity being pulled as we saw yesterday before the W candle close.”
BTC/USD order book data (Binance). Source: Material Indicators/Twitter
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Credible Crypto: BTC price mirroring 2020 breakout
Trader Credible Crypto suggests that Bitcoin is replicating a bullish preparatory pattern observed just prior to its breakthrough of the previous $20,000 all-time high in late 2020.
The current range of $26,000 to $29,000 is “incredibly similar” in price behavior to the $8,000–$10,000 range from the summer of that year, he contended.
In an ideal scenario, BTC/USD would dip to approximately $27,500 to solidify that area as support before a bullish advance, as illustrated in an accompanying chart.
BTC/USD comparison chart. Source: Credible Crypto/ Twitter
As reported by Cointelegraph, Credible Crypto is not the only market participant noting parallels to previous Bitcoin bull runs, with 2019 also being a point of focus.
Stockmoney Lizards: “Decision point” for Bitcoin
Financial information source Stockmoney Lizards believes that the overwhelmingly probable outcome of the current range-bound phase is “up.”
Related: CPI to spark dollar ‘massacre’ — 5 things to know in Bitcoin this week
In its latest chart forecast, it emphasized BTC/USD forming a series of higher lows while maintaining the same resistance cloud near $30,000.
This, it posits, will lead to bulls prevailing as Bitcoin approaches a “decision point.”
BTC/USD annotated chart. Source: Stockmoney Lizards/Twitter
Analysis released on the same day supports the notion that if a resistance level “has been tested x times and hasn’t broken, it may be a sign that the level is weakening and a breakout is more likely.”
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.
