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Bitcoin’s next target: $30,000 within reach as support forms

Bitcoin's next target: $30,000 within reach as support forms

After successfully breaking the $28,000 psychological level, Bitcoin (BTC) has paused its uptrend, but several cryptocurrency analysts have identified certain chart patterns indicating that the decentralized finance (DeFi) asset was in for a bullish rally in the near future.

One of them is the popular crypto analyst Moustache, who has noticed that Bitcoin recently had “another weekly close over the sampling period in the Gaussian Channel,” interpreting this as a “good sign,” as he explained in a tweet published on April 3.

As the crypto market expert further clarified, Bitcoin looks to be forming “support to break the next target from here,” advising patience while the price consolidates and expressing his opinion that $30,000 or more was “only a matter of time.”

Bitcoin price action analysis. Source: Moustache

Crypto analysts agree

The crypto expert’s attitude is shared by other analysts, including CryptoYoddha, who has shared a bullish chart analysis, demonstrating Bitcoin’s past movements and future predictions, looking at the $30,000 area by the end of April, continuing to $37,000 in May and further toward $57,000 as the year’s end approaches, interrupted by several plunges.

Bitcoin price analysis and prediction. Source: CryptoYoddha

On top of that, popular crypto commentator Rekt Capital has observed similarities between Bitcoin’s current price action and that from 2019, which was followed by several long green candles, leading to a $7,500 price increase. If BTC succeeds in doing the same this time around, $35,000 is likely. At the same time, Altcoin Sherpa has identified a target for Bitcoin at $36,000.

Bitcoin price action since 2019. Source: Rekt Capital

Bitcoin price analysis

As things stand, the maiden digital asset is currently trading at the price of $28,276, which represents a decrease of 0.10% in the last 24 hours but still an increase of 0.81% over the previous week, in addition to the 26.42% gain across the past 30 days, according to the latest data retrieved on April 3.

Bitcoin price chart. Source: Finbold

Meanwhile, crypto analyst Matthew Hyland observed on April 2 that $30,000 has acted as Bitcoin’s significant resistance and support level for the last two years, and if it managed to flip this position, it could mean a “whole new ballgame” for the best-performing asset class in the first quarter of 2023.

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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