As the Bitcoin (BTC) “Halving” approaches, expectations increase about how the flagship cryptocurrency will perform. Bitcoin (BTC) is recovering momentum after facing a significant correction in the first few days of Q2, and some analysts are forecasting new heights for the number one cryptocurrency soon.
Are The Odds In The Bulls Or Bears Favor?
Bitcoin had its best quarterly close during Q1, 2024. Despite BTC’s stellar performance, as Q2 started, the market was dragged by the leading cryptocurrency’s price correction.
Since then, Bitcoin has been steadily recovering, testing the $70,000 resistance level over the weekend. As the week started, BTC appeared to have regained support above the $70,000 level.
Crypto analyst Ali Martinez seems to think that Bitcoin’s performance so far reflects a positive sentiment from investors. In an X post, Martinez shared a chart that paints an optimistic picture, at least for now.
When you compare support (1.4 million addresses holding 893,000 $BTC between $68,220 and $70,325) with resistance (474,000 addresses holding 285,000 #BTC between $70,760 and $71,200), the odds appear to favor the #Bitcoin bulls! pic.twitter.com/pceCyGa8mb
— Ali (@ali_charts) April 9, 2024
According to Martinez’s post, the In/Out of the Money Around Price (IOMAP) indicator seems favorable to the bulls. Per the chart, the addresses holding BTC at the support level massively outnumber those holding Bitcoin at the resistance level.
The chart suggests that Bitcoin is at “stable support” as 474,000 addresses hold 285,000 BTC between $70,760 and $71,200. Meanwhile, 1.4 million addresses hold the flagship cryptocurrency between $68,220 and $70,325.
When compared, the addresses and BTC held at the support level nearly triple those in the resistance zone. To the analyst, bulls are the current victors as “odds appear to favor” them.
Analyst Forecast Bitcoin To 90,000 Soon
Captain Faibik, another crypto analyst, also seems to perceive more bullish momentum for Bitcoin. In an X post, the analyst suggests that BTC’s “bullish pennant upside break is confirmed on the daily chart.”
Per the chart, the flagship cryptocurrency’s price started a consolidation period in early March, forming a pennant pattern. This pattern saw an upside breakout after Monday’s daily candle closed above the $70,000 price range.
Due to this breakout, the analyst forecasts a surge to the $88,000-$90,000 price range this month.
$BTC Bullish Pennant Upside Breakout is Confirmed on the Daily timeframe Chart.. ✅
Now, Send Bitcoin to the 88-90k this Month. 📈🚀#Crypto #BTC #Bitcoin pic.twitter.com/ok2DGPXsAb
— Captain Faibik (@CryptoFaibik) April 9, 2024
At the time of writing, Bitcoin remains above the $70,000 support level, only 5% below its most recent all-time high (ATH) price of $73,373. Despite the positive resistance, BTC’s price performance shows a slight decrease of 2.3% from yesterday.
Similarly, its daily trading volume and market capitalization have mildly dropped. According to CoinMarketCap data, BTC’s daily trading volume is down by 6%, while its market cap of $1.38 trillion represents a 2.1% decrease.
Nonetheless, Bitcoin remains 8.4% above its price seven days ago, trading at $70,378. Further bullish sentiment, fueled by the upcoming “Halving” event, could help the largest cryptocurrency by market capitalization consolidate its support above the current levels.
Bitcoin sits above the $70,000 support level in the 1-day chart. Source: BTCUSDT on Tradingview
Featured Image from Unsplash.com, Chart from TradingView.com
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