Bitcoin is looking to hold above $42.6K after a retreat below the support area at $43,000 in intraday deals on Friday. The BTC-USD pair is currently hovering near the $42,750 price level, which could be crucial to bulls’ attempts to recoup this week’s losses going over the weekend.
But what are analysts saying about Bitcoin’s immediate price outlook?
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Macro re-accumulation points to fresh upside
Although crypto trader Rekt Capital believes BTC-USD could flip to recent support at $38,000, he suggests the return above $43,500 could trigger further gains. Also, Bitcoin remains within the broader macro re-accumulation range ($28,000-$69,000), which according to him, could be succeeded by a bigger upside.
Also notably, Rekt has pointed to a “retest in progress.” He says that just a single catalyst could be enough to change the BTC price trend.
“All it takes is one bullish catalyst to begin a new BTC uptrend. In fact, multiple bullish catalysts have been announced just over the past day or two.”
Symmetrical triangle breakout?
Another analyst says BTC-USD could see a fresh upside based on the symmetrical triangle.
“Bitcoin is possibly testing the breakout out of this symmetrical triangle,” says pseudonymous trader and investor BTCfuel.
Bollinger bands breakout point to new momentum
Big Cheds says Bitcoin could see fresh upside momentum based on the outlook of the Bollinger Bands on the hourly chart.
“BTC 1H lower to upper BB move, bounce into supply zone. Flip this and perhaps some momentum can be built,” he said.
64% of Bitcoin hasn’t moved- bullish for BTC price?
Data shows hodlers have not been moving their coins despite the price weakness. In fact, the HODL indicator for the past year has flashed a new all-time high of 63.4% and could still go up. That has in the past been succeeded by a sharp upward move.
Bulls having it rough with ‘slow bleeds’
Looking on the shorter time frame, Nebraska Gooner thinks buyers are having it rough, with prices. He says:
“Bulls having a hard time out there… It’s these slow bleeds that get ya.”
Traders might thus need to pay attention to the broader picture, even as macro factors remain a key market mover.
Overall, it’s been a week dominated by bullish catalysts from mainstream companies, with speakers at the Bitcoin 2022 conference in Miami adding to the overall bullish outlook of Bitcoin’s future.
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Source: https://invezz.com/news/2022/04/08/bitcoin-price-forecast-for-april-8-what-5-analysts-are-projecting/