Since the start of the trading year, Bitcoin has maintained a three-month bullish candlestick and is on the road to stealing a quarter. 2023 is going to be a turbulent year for the cryptocurrency industry and the Bitcoin price, with a significant rise this month that surprised many cryptocurrency analysts.
Bitcoin’s dramatic price swing above $30,000 for the first time since June 2022 has sparked euphoria and sparked interest from retail and large cryptocurrency investors. Market sentiment may look positive at the moment, but what is driving this sentiment?
Bitcoin price takes center stage
Bitcoin has shown some grit in its recent price volatility and rally, trailing several altcoins as it posted a significant rally.
Alongside other cryptocurrencies, this positive price development for Bitcoin has led the crypto community to ignite the onset of a bull market and continued price volatility.
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Recently, cryptocurrency expert analysts, celebrities, and even some traditional financial analysts have made BTC a major topic of discussion and dropped bullish price predictions for the cryptocurrency.
According to Reuters reportJeff Kendrick, head of digital asset research at Standard Chartered, has made a bitcoin price prediction and said the alpha crypto could reach $100,000 by 2024.
Best-selling author Robert Kiyosaki, best-selling author of Rich Dad, Poor Dad, recently called $100,000 price prediction for BTC on his Twitter handle.
BTC’s sudden price rise and attention can be attributed to several market factors and events in the world of Tradfi and business.
recent news collapse Big banks such as Silicon Valley and Silvergate are wreaking havoc on the traditional financial world, leaving users worried about the safety of their funds.
Rising inflation and de-dollarization concerns have led financial experts and analysts to focus on Bitcoin as a “safe haven” asset due to its decentralized nature.
The woes of the traditional financial system continue with recent news that First Republic Bank may collapse, but Bitcoin prices look set to close in bullish territory for another month.
Bitcoin chart analysis on weekly timeframes
On the monthly chart timeframe, Bitcoin price is heading towards the end of April on a bullish note after three consecutive months of runs.
The April weeks saw bullish activity and surprising price action for BTC as it climbed above the $30,000 price range for the first time since last year.
Bitcoin hovers around key support on the weekly chart timeframe |Source: BTCUSD on TradingView.com
However, after briefly testing the hanging resistance below $31,000 price level last week, BTC price fell below $27,000.
Bitcoin is on the rise this week as the bulls appear to be in control. At the time of writing, BTC is trading at his $29,340, just above the key support level.
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A break below the $29,200 support level could indicate that the alpha cryptocurrency is trying to find the next support at price levels below $28,000.
On the positive side, if the BTC bulls can gain momentum and break the resistance just above $30,000, a rally above $31,000 is likely to test the next available resistance level.
Featured image from iStock, chart from TradingView.com