Whales may be hesitant to invest, but bulls are speaking out about their Bitcoin price predictions. After the bears failed to grab control of short-term price action overnight, Bitcoin (BTC) gained new territory on April 21.
If the market wants to see a continuation, it needs to break through the $42.3K level for Bitcoin, according to Michael van de Poppe. This is a daily breaker as well. If it fails, he expects a new test of $46K, and potentially $50K or more, in the near future.
In his latest update, Van de Poppe reasoned that the US dollar currency index (DXY) was continuing to retreat, which is often a boon for crypto markets, “So far, so good for Bitcoin,” he wrote.
Also Read : Bitcoin (BTC) Price Might Hit $48 In Coming Week, Right Time to Enter Long Position?
What’s Next for Bitcoin Price?
Blockchain protocol Terra, now known as one of the largest Bitcoin whales after purchasing about 45,000 BTC in 2022, was also encouraged by the promise of better BTC price performance in the future.
The firm’s official account said in a tweet that Bitcoin was about to “become hot,” implying that it did not expect sideways price movement to continue.
Bitcoin has rebounded from lows of $39,500 in the last week, with some whale selling contributing to the bearish sentiment. Despite the dumping, whale accumulation by addresses with 10,000 or more BTC has been on the rise since early 2021.
According to Rekt Capital, $43,000 is a critical price level to watch. He claims that some significant investors sold at this level, implying that bulls are in for a fight. If that level is breached, BTC might see further increases in the $43K-$50K zone.
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Source: https://coinpedia.org/bitcoin/this-is-why-things-will-get-spicy-soon-for-bitcoin/