What Levels Can Bitcoin Price Reach Next Week?

Following the recent release of US employment data, many Bitcoin (BTC) traders are expecting a significant rise. Over the past few days, Bitcoin price has moved sideways, leading investors to anticipate a potential breakout within the next week. Here are the expected price movements next week…

CryptoYoddha is hopeful for Bitcoin price

According to a Twitter post shared by cryptocurrency and finance analyst CryptoYoddha on April 7, Bitcoin has been stable for weeks, registering strong support at $25,000, and if it manages to hold that level, a move above $35,000 is possible, although a retest and bounce would also “be ideal.” . On top of that, according to CryptoYoddha’s chart analysis, Bitcoin could briefly reach the $48,000 level in May or June before correcting to $25,000 in late 2023 and rising again beyond the previous critical level and towards $90,000 in April 2024.

It is also worth noting that the first cryptocurrency follows a pattern of rebounding from a heavy bear market every three or four years, and the Easter period is often a starting point for an uptrend in the following weeks, as observed by another crypto market analyst, Stockmoney Lizards, on April 7. . The analyst showed with examples from 2012, 2016 and 2019 that BTC rose in the weeks following Easter. After Easter, BTC increased by 225 percent in 2012, 94 percent in 2016 and 167 percent in 2019. The analyst expects Bitcoin to move towards $40,000 in late May.

The rising expectation for Bitcoin is also reflected in on-chain data

Bitcoin’s price has surged an impressive 30 percent in the last 30 days and has reclaimed the critical $28,000 level. However, traders are now eagerly waiting for BTC’s next price bounce to break the $30,000 barrier. As we reported at Kriptokoin.com, on-chain indicators look positive for Bitcoin (BTC), even amidst BTC’s sideways price movement this week, according to crypto analysis company Glassnode. Glassnode closely monitors the miner fee income momentum metric, which measures increasing demand in the BTC market. Additionally, the company announced that the open interest rate in Bitcoin options contracts exceeded the rate in futures contracts for the first time.

While Bitcoin’s value has been hovering below the $29,000 level in recent days, experts express mixed views about its near future. While some analysts predict a potential rise to $30,000, others argue that a temporary top may have been reached. According to analyst Shayan Chowdhury, a symmetrical triangle has emerged on the Bitcoin chart around $29,000, indicating equal levels of uncertainty among bullish and bearish traders regarding the upcoming price movement of BTC.

As of this writing, Bitcoin is trading at $28,000, an increase of 0.37 percent compared to yesterday’s performance. Examining the daily price chart, the bulls appear to have a slight advantage, as evidenced by the upwardly trending 20-day EMA ($27,465) and the relative strength index (RSI) above 55. According to experts, if Bitcoin rises above $29,000 by Monday, it can continue its rise and reach the projected upward target of $30,000. However, a bearish break below the EMA-20 will send the asset to test the support near $27,000.