Bitcoin Surges Above $30,000 – Bullish Sentiment Remains Intact
On April 18, Bitcoin (BTC) saw a surge in volatility, causing the cryptocurrency to rise above $30,000 and erase earlier intraday losses.
This sudden gain of over 3% worried traders who had been watching the $30,000 support level, but Binance order book activity and bid liquidity moving closer to the spot price helped to alleviate concerns.
Bitcoin’s Impressive Performance and Positive Trend
Popular analyst Michael van de Poppe was optimistic about Bitcoin’s recent gains and suggested that the latest price surge could lead to a continuation toward new highs and $40,000.
Bitcoin has recently shown remarkable performance, surpassing its all-time high in November 2021 with the strongest quarterly returns. The asset has increased by over 80% since the start of the year, making it the top-performing asset of 2023.
In contrast, gold has only seen a 9% increase in the same period, while the NASDAQ 100 and S&P 500 have managed gains of around 20% and 8.5%, respectively.
On April 17, Glassnode, an on-chain analytics provider, acknowledged Bitcoin’s impressive performance and suggested that this year’s positive trend marks a significant change from the previous year.
Ethereum’s Trading Range and Price Targets
According to a subsequent update, high-volume traders (whales) were responsible for the upward momentum. Altcoins, including Ethereum (ETH), also saw gains following Bitcoin’s turnaround.
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Ethereum remained near the top of its intraday trading range, with bulls aiming to break $2,140, the highest level since May 2022. Ethereum has gained 15% compared to Bitcoin since the Shapella upgrade.
Bitcoin’s market cap could soar to $10 trillion
During a recent conversation with Anthony Pompliano, Dan Tapiero, a fund manager and macro guru, expressed a positive perspective on Bitcoin (BTC).
Tapiero forecasted that BTC’s market capitalization, currently valued at nearly $600 billion, may soar as high as $10 trillion in the years to come.
According to Tapiero, due to the present worldwide economic circumstances, BTC could achieve a value of up to $500,000.
Moreover, Tapiero acknowledged that Bitcoin’s increasing adoption and practical applications make it a compelling prospect for investment.
Bitcoin price and analysis
The potential for further volatility remained on lower timeframes leading up to the Wall Street open, with $16 million of BTC short liquidations already reported on the day.
BTC is currently trading at $30,330 after a 2.7% price surge in the past 24 hours and has a volume of almost $18 billion.
The 1-day TA from TradingView shows a bullish santiment with the summary and moving averages showing “buy” and “strong buy” with 15 and 14 signals, respectively.
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.
