Bitcoin Could See 10% Jump, As Volatility Drops To 18-Month Low
After its third-largest weekly fall in over a year, the Bitcoin (BTC) price has finally began to rise. BTC’s price has effectively rebounded from the important support level of $37,500, despite an impending Federal Reserve rate hike.
Various analysts, like The Wolf of All Streets, Michael van de Poppe, and PlanB, are bullish on the bullish trend, with the Bitcoin price currently holding above $39,000.
In a tweet on May 4, on-chain data provider Santiment published historical data showing a 20% rally as a result of BTC transactions is negative at the same levels between February 16 and 22. The week’s Bitcoin Ratio of On-Chain Transactions Volume in Profit/Loss statistic is the third largest capitulation in a year.
As technicals improve, several analysts and traders forecast a price increase in the following days.
Michaal van de Poppe predicts that the price of Bitcoin (BTC) will rise from current levels. He stated,
“Bitcoin starts to look way better at this stage. Odds that the event tonight is a ‘Sell the rumour, Buy the News’ event are increasing.”
A prominent crypto trader, The Wolf Of All Streets, predicted a rebound in Bitcoin price as it breaks above the trend line. A big rise could be anticipated if the BTC price stabilizes over $39,000.
According to PlanB, the original $55K S2F model, which was released in March 2019, appears to be tracking the Bitcoin price trend. He also expects Bitcoin to rise in value.
The price of Bitcoin (BTC) has regained over 5% in the previous 24 hours, stabilising near $39,000. Whales continue to accumulate at dips, resulting in a huge increase in trading volume. Furthermore, the BTC has avoided a drop below the critical support level. It suggests that a rally could happen in the next several days.
BTC has been trading sideways over the past few days, with the price dropping below $40,000 on April 26. Although, after reaching the swing highs near $48,000, the price has already begun to drop. BTC retreated and lost 45 percent of its value. BTC sellers, on the other hand, are weary as the price trades sideways in a narrow range since April 25.
A daily close below the session’s low, on the other hand, would disprove the bullish price assumption. In that situation, $36,000 would be the lowest point on the downside.
BTC/USD is currently trading at $39,874, up 5.63 percent for the day as of publishing time. According to CoinMarketCap, the first cryptocurrency by market capitalization has a 24-hour trading volume of $35,528,442,016.