Bitcoin’s recent performance has been remarkable, with the digital currency surpassing the crucial resistance level of $30,000 for the first time since June 2022, gaining 80% year-to-date, and briefly crossing the $31,000 mark. This has occurred despite significant uncertainty in the banking and financial markets, demonstrating Bitcoin’s resilience and viability as an investment option. However, as crypto trading analyst Michael van de Poppe noted in a tweet on April 14, investors should brace themselves for potential shallow corrections along the way.
Van de Poppe identified $31,700-$32,000 as a significant resistance point to watch out for, as it has proved challenging for Bitcoin to break through in the past, potentially hindering its upward momentum. On the other hand, he suggested that $28,500 could become the new ideal buy level, replacing the previous level of $25,000.
Furthermore, van de Poppe emphasized the importance of $29,700 as a clue for Bitcoin’s upward potential, which is just below the critical resistance point of $31,700-$32,000. According to TradingView’s 1-day technical analysis, Bitcoin is currently in a bullish trend, with a summary indicating a “strong buy” sentiment from moving averages and a “sell” sentiment from oscillators.
As of April 14, Bitcoin is trading at $30,733, up over 1% on the day and 10% across the previous week, with a total market capitalization of $594 billion. While the crypto community has predicted an average price of $23,561 for Bitcoin by the end of April with 83% historical accuracy, machine learning algorithms have forecasted a price of $30,697 for the same date.