Bitcoin price forecast: BTC consolidates – but then it goes to $ 70,000: new analysis

Bitcoin (BTC) has been pumping for weeks, even breaking through and holding above $30,000 now. The price rise is the end of crypto winter – and the start of a new bull run.

Bitcoin: The bull run begins

The main cryptocurrency is currently taking a break: Bitcoin is trading at $30,190 and had to lose about 2% overnight. Top Crypto trader Tony comments:

“It was a little bit at the start of the weekend but that’s the range we’re working with at the moment ‼️

A few trades you could do while you’re out of shape. Long if we take the range high at $30,550 or short if we miss $30,230 EQ. Keep it simple on the weekend.”

$BTC / $USD – Update

Bit choppy to start our weekend, but here’s the range we’re working with right now‼️

There are very few trades you could do if you don’t succeed. Long if we reclaim the range high at $30,550, or short if we miss $30,230 EQ. Keep it simple on the weekend pic.twitter.com/ucCG1lYDgA

— Crypto Tony (@CryptoTony__) April 15, 2023

Most traders and analysts agree: the market is behind us, Bitcoin will continue to rise and may reach new all-time highs. Twitter has just announced the cooperation with eToro – a bullish factor. However, it is not clear: Is Bitcoin currently in a new phase of accumulation to reach higher levels? Or will there be a barrier?

The trader hopes to move to $70,000

Pseudonymous trader “Alan” It is certain: Bitcoin is going through a big change that would be, move between two levels. According to this, Bitcoin goes from the first level between $30,000 and $40,000 to the second level – between $60,000 and $70,000.

The reason for the pump: the MACD indicator. Also known as the D3 chart, it is a widely used technical analysis tool used to identify long-term market trends. According to trader Alan, the indicator triggered a new bull run for bitcoin – which could indicate that bitcoin is on the way to new highs.

Ar #Bitcoin D3 chart, MACD bullish cross triggers the new BULL RUN.$BTC leaving platform I and going to platform II (40k-50k). After consolidation, it will reach platform II (60k-70k).#BTC #crypto pic.twitter.com/sasQpGG4iv

— Tardigrade Trader (@TATrader_Alan) April 14, 2023

Alan is not alone in his optimistic outlook. Blockstream CEO Adam Back also comments bullishly: The price of Bitcoin rose significantly in the first quarter of 2023 – a whopping 70% from December 31, 2022 to March 31, 2023, namely from $16,600 to $28,000.

If Bitcoin continues to explode like this, the price will be $48,000 by June, $82,000 by September and $140,000 by December. Or, calculated the other way around: Assuming a price target of “only” $100,000 by the end of the year, the growth rate would have to fall in the second, third and fourth quarters of the year – from 70% to 53%. A more modest but still significant growth rate for Bitcoin.

Bitcoin crash again?

However, the warning voices are also increasing. According to Colin Wu, 30,500 BTC represent expiring options with a put-call ratio of 0.99. This indicates that there are more put options than call options – a bearish sign.

30,500 BTC options are about to expire with a Put Call Ratio of 0.99, a maximum pain point of $29,000 and a notional value of $0.93 billion.

260,500 ETH options are about to expire, with a Put Call Ratio of 0.83, a maximum pain point of $1,850 and a notional value of $5.5 billion.…

— Wu Blockchain (@WuBlockchain) April 14, 2023

If the Bitcoin price falls, short-term support will remain at $29,500. It must hold, otherwise there is a risk of a decline towards $28,300.

Should you buy Bitcoin now?

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Text credit: Newsbtc

Last updated on April 15, 2023

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