Bitcoin Price Rally in April? Analyst Weighs In on Potential Breakout
A crypto analyst suggests that Bitcoin (BTC) is experiencing a significant trend shift as a new month begins.
An analyst named Jason Pizzino believes that Bitcoin (BTC) is currently following a Wyckoff accumulation pattern, indicating that the asset is establishing a base for an upcoming bull market.
Pizzino says that BTC appears to be in the final phase of this accumulation pattern, which suggests that it’s gearing up for a period of price increases.
He suggests that BTC needs to test the low to mid-$30,000 levels before reaching the $42,000 level. He also notes that while BTC may surpass $30,000 in April, it may struggle to overcome resistance levels between $32,000 and $34,000.
Pizzino highlights that BTC has been trading above its 200-day moving average, which he views as a positive sign for the asset’s future performance.
Looking at the bigger picture, Pizzino says that BTC is still in a long-term bull market, despite the recent price volatility. He notes that BTC’s price has historically experienced periods of sharp price increases followed by periods of consolidation.
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The analyst believes that the current consolidation period is coming to an end and that BTC is on the cusp of entering a new phase of price increases.
As of the time of writing, BTC is trading at $28,476, and Pizzino’s predictions have yet to be confirmed. Nonetheless, his analysis provides valuable insights into the potential future performance of BTC and may be of interest to investors and traders alike.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
