The price of bitcoin has reached an interesting moment in its three-week trip. BTC continued to rise after breaking through a major barrier but has since retraced over the previous three days. Despite the recent decline, BTC is likely to resume its upward path.
On April 8, Bitcoin (BTC) faced a new risk of a drop below $40,000, as short timeframes failed to save bulls. Prior to the Wall Street opening on April 8, BTC/USD was consolidating in a range limited by $44,000.
The pair’s volatility had decreased following a drop from 2022 highs earlier in the week, but analysts warned that a return to the year’s established trading range was inevitable.
Also Read: Bitcoin Price Might Surge Above $45k On April 11th, Here’s What BTC Traders Can Expect
Analyst View on Bitcoin Price
BTC is currently attempting to convert the $43,100 area into support. If it fails to do so, $43K becomes resistance. In his recent Twitter post, popular trader and analyst Rekt Capital highlighted that “BTC will confirm a return to the $38 thousand–$43 thousand area, which was home to consolidation earlier this year.”
Crypto Ed, who saw a failed breakout attempt at $44,000 as a signal for likely bearish continuation, was also looking for a new leg down.
In a daily YouTube video, he also mentioned $40,000 as the next reasonable bearish goal.
Rekt Capital saw a silver lining in BTC/USD retaining its 50-week exponential moving average (EMA) following an earlier breakout — something that has previously “preceded significant gain,” he said.
BTC Price to hit $1M by 2030
Meanwhile, ARK Invest CEO Cathie Wood reaffirmed her estimate that Bitcoin would cost $1 million by 2030. On April 8, the Wood-managed ARK Innovation ETF (ARKK) was down over 34% year-to-date, significantly underperforming Bitcoin.
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Source: https://coinpedia.org/bitcoin/bitcoin-price-prediction-short-term-long-term-btc-price-forecast/