Bitcoin continues to reach new heights as it obtained new 10-month highs during the Wall Street open on April 14, 2023. Analysts have high hopes for the cryptocurrency, expecting further gains. According to Cointelegraph Markets Pro and TradingView, BTC/USD consolidated around $30,700, maintaining its upward trajectory after it spiking past the $31,000 mark.
The pair saw no significant retracement as it headed further into grounds it originally lost in June 2022. Market participants now have their eyes on the potential for bulls to capitalize on existing momentum with the help of positive macro trends. United States equities opened higher, with the S&P 500 and Nasdaq Composite Index both up 0.3% at the time of writing.
Popular trader and analyst Josh Rager tweeted, “With stocks opening up hot, BTC was able to maintain above the previous range high. Think we can see a retest and push higher here above $31k+.” Others also considered the possibility of BTC/USD hitting $32,000 or more in the short term before taking a more pronounced time out.
Macro analyst Jesse Dow continued his bullish projections for Bitcoin, tweeting, “I believe the next stop is just a hair above $33,000, where we’ll encounter the 100 moving average, on the weekly time frame. Don’t forget we have bullish divergence and convergence on the weekly. And this has NEVER failed after we’ve seen at least a 75% drop in Bitcoin’s price, from the previous cycle.”
Zooming out, the importance of the current range for spot price became all the more visible, with $31,000 acting as support through 2021 until the June 2022 breakdown.
As various popular figures called the start of an “altseason,” one of the few individuals staying firmly bullish on BTC was veteran trader Peter Brandt, who revealed long positions on Bitcoin in addition to stocks in a further suggestion that the worst of the bear market was over. Previously, former BitMEX CEO Arthur Hayes had revealed a rethink on his own investment strategy, opting to increase crypto exposure. “The ensuing Bitcoin rally will be one of the most hated ever,” he predicted in a blog post released last month.
With Bitcoin’s recent performances, it appears to have come out of the bear market, with bulls gaining momentum and reaching new heights. However, as with any investment, there is always a level of risk. It is important to conduct thorough research and seek professional advice before investing in cryptocurrencies or any other asset class.
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