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Bitcoin’s final pullback clears the way for its blastoff ‘to the Moon’

Bitcoin's final pullback clears the way for its blastoff 'to the Moon'

After Bitcoin (BTC) finally managed to cross the psychological barrier at $30,000, cryptocurrency analysts are predicting more success to follow for the flagship decentralized finance (DeFi) asset due to the historical chart patterns indicating it has completed all the necessary prerequisites to start a major bullish rally.

Indeed, Bitcoin has completed its last pullback “before heading to the Moon,” i.e., toward $190,000, while the new bottom before an all-time high (ATH) is expected to be in the $29,000 – $30,000 area, according to a projection shared on Twitter by pseudonymous crypto analyst BitQuant on April 13.

Bitcoin price action analysis and prediction. Source: BitQuant

One day before, the crypto market analyst published a slightly different assessment, arguing that the price of Bitcoin typically undergoes two retests after breaking the 10-week EMA (exponential moving average). In the same tweet, BitQuant also stressed that “in this particular cycle, we are still awaiting the final retest before the price skyrockets to $190,000.”

This earlier prediction was based on the observed activities of the maiden digital asset in 2020 and 2021, when the 10-week EMA and the bottom were, indeed, followed by two retests, after which the price soared toward the ATH of $69,000, which it finally reached in November 2021.

Bitcoin price action analysis and prediction. Source: BitQuant

If today’s updated projection is correct, it would mean that there are no further obstacles for Bitcoin to start its move toward $190,000, which the analyst expects will materialize in 2024.

Bitcoin price analysis

In the meantime, the price of Bitcoin at press time stood at $30,210, recording an increase of 0.66% on the day and 7.14% across the previous week, adding up to the monthly gain of 24.94% and 81.69% since the year’s turn, as per the latest data retrieved on April 13.

Bitcoin year-to-date (YTD) price chart. Source: Finbold

Elsewhere, Bitcoin has been demonstrating significant strength against fiat currencies such as the United States Dollar (USD), the British Pound (GBP), the Chinese Yuan (CNY), and the Russian Ruble (RUB), which have all been going through a bloodbath in recent months, as Finbold reported on April 11.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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