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

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

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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.”

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.

Bitcoin pumping to $70k? Source: Trader Alan on Twitter.

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.

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.

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?

Many analysts believe that Bitcoin is at the beginning of a new bull run. According to them, it could be worth investing in Bitcoin now. Buying Bitcoin with PayPal, for example, is a popular option. Those who are more risk averse may like the new meme coin Love Hate Inu (LHINU), which is predicted to have a strong risk-reward ratio: The project is developing an innovative voting platform on which users of cryptocurrencies can earn with their votes! You can choose from a wide variety of topics or personalities, and you can also create your own surveys. In the current presale, 1 LHINU costs 0.000115 USDT, in 9 days the price will increase to 0.000125 USDT.

Text credit: Newsbtc

Last updated on April 15, 2023

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