Crypto prices were a little sleepy to kick off the first week of May, but investors remain confident in its long-term up trend, and charts show there could be another short-term crypto rally underway, according to Canaccord Genuity. Bitcoin is on pace to end the week up less than 1%, according to Coin Metrics. Meanwhile, ether is looking to notch a 4% gain on the week, thanks in part to its meme-driven rally Friday . Bitcoin and ether ended April higher by 3.3% and 4.3%, respectively. However, there could be a two- to four-week rally underway in both bitcoin and ether , with upside potential of about 32% and 12% from current levels, respectively, Canaccord chart analyst Javed Mirza said in a note Thursday. “A multi-week close above important resistance ~$26,249 on BTC and ~$1,935 on ETH would strongly suggest the corrective phase in place since late 2021 was over and that BTC and ETH were building for a retest of the all-time price highs,” he wrote. Bitcoin has not traded below $27,000 since March 17. Meanwhile, ether only reached the $1,900 level for the first time this year at the beginning of April. Bitcoin was last trading at about $29,500, according to Coin Metrics, and making its way back to the $30,000 mark it’s struggled to reclaim since hitting it in April for the first time in 10 months. Ether is hovering just below $2,000. The next level for bitcoin to test is at $30,493, he said. After that, “important resistance” is at $38,202. Mirza also said bitcoin remains above its 50-day moving average ($28,343), which is also its first level of support, and its 200-day moving average ($21,900). “A multi-day close above these levels would confirm the short- and intermediate-term trends are now up, a strong technical positive,” he said. —CNBC’s Michael Bloom contributed reporting
Bitcoin could rally 30% in the next month, says Canaccord Genuity
