With the successful breaking of an important psychological level at $30,000, Bitcoin (BTC) has met the expectations of cryptocurrency analysts who have earlier predicted that the flagship decentralized finance (DeFi) asset could make such a movement, triggering more optimism that a bullish continuation is in store.
Indeed, Bitcoin was at press time changing hands at the price of $30,132 for the first time since June 2022, recording a 6.30% increase on the day and adding up to the 8.33% gain over the previous week, as well as growing 46.83% on its monthly chart, according to the data retrieved on April 11.
Predictions come true
Notably, one week before this breakout, popular crypto analyst Moustache had noticed a “good sign,” observing that Bitcoin had “another weekly close over the sampling period in the Gaussian Channel” and stating that $30,000 or more was “only a matter of time.”
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Just before the most recent breakout, on April 10, Moustache had again confirmed this analysis, arguing that Bitcoin’s activities at the time looked “very much like consolidation before more upside,” seeing “30k+ for BTC as long as the black line holds.”
Another crypto market expert, CryptoYoddha, had also highlighted the $30,000 area by the end of April, as well as a continuation to $37,000 in May and further toward $57,000 as the year’s end approaches, though possibly interrupted by several turns to the downside, as Finbold earlier reported.
More recently, on April 7, CryptoYoddha had made an educated guess that a break above $35,000 is possible after weeks of price stability, but without excluding the possibility of a retest and bounce to play into the “ideal” scenario demonstrated around Easter weekends every few years.
What’s next?
Elsewhere, Stockmoney Lizards took note of the recent breakout, comparing Bitcon’s current price action with that from 2019, when the maiden digital asset skyrocketed as much as 150% after breaking the ascending resistance line in May, suggesting that history could repeat itself and the bull run could continue to up to $45,000 – $47,000.
Interestingly, the same analyst had earlier made another comparison between the movements of Bitcoin in 2021-2023 to those in the period 2017-2022, suggesting there was a strong chance of it advancing toward $47,000 in the following months.
Considering that the adoption of Bitcoin has skyrocketed recently, nearing 1 million holders of at least one BTC and that Bitcoin had outperformed the top five major indexes by 170% in the first quarter of 2023, it seems that the odds are strongly in its favor.
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