Bitcoin (BTC) is the basis for a price rally after lower volatility, but April could still provide a sell-off.
In the latest market review on Friday, Philbfilb, co-founder of trading group DecenTrader, said he now expects the potential upside will exceed BTC / USD.
BTC “Threat and Hack”
Bitcoin recovered from a sudden crash earlier this week and reached $ 60,000 overnight on Friday.
Given that the seven-day rally is still 13%, Philbfilb said there are plenty of reasons for optimism in the short term as the consolidation appears to be over.
“The weekend hangs in the middle of a busy week; in short, it’s hard not to be optimistic.
“I don’t think we will give up this kind of violence, but I do think we are on the verge of a major breakthrough.”
It is worth noting what happened to Bitcoin when it first broke through the $ 20,000 resistance. The sudden volcanic eruptions model may end after a long period of consolidation and decline at $ 60,000.
“A few weeks ago, price action / market structure shared this, similar to the one seen around the $ 20K level, where there was a correction to the 50K level. Philbfilb continued before the sharp breakout.
“Since then, the award has influenced that idea almost perfectly and now threatens to achieve a breakthrough.”
Bulls account should count with Coinbase IPO, options expire
However, this outbreak will face problems in the coming weeks. Coinbase, which is fully set for its first public offering on April 14th, could inadvertently lead to price pressure.
As with London-based Deliveroo this week, an initial public offering (IPO) often leads to a sale first, which clearly affects Bitcoin.
“We may see increased volatility in this timeframe on April 14th, and we should pay special attention to the time between now and the options expiry at the end of the month,” Philpville concluded.
Expiry at the end of the month could also temporarily increase the spot price – this was very strong at the end of March, when options expired at a record $ 6 billion. Ultimately, however, the accident itself did not affect BTC’s performance in any way.
Statistician Willie Wu predicts that “the beef market will grow”.
Wu cited data from Glassnode Analytics Service about the active supply of BTC in the chain, which also indicates that Bitcoin could rise further before selling out old hackers for profit, which would lead to a peak cycle.
Regardless of the impact of the Coinbase IPO on the market this month, analysts are not expecting Bitcoin to close below $ 46,400 anytime soon. He said:
“$ 46.4K is the price of the first model, which we will no longer visit in this beef market (closed daily).”