Bitcoin (BTC) surged to $63,000 before the Wall Street open on April 18, boosting the confidence of traders with its modest price strength.
BTC/USD reached $63,095 on Bitstamp, marking a 5.5% increase from the previous day’s lows of $59,700, which were the lowest levels for Bitcoin since early March.
While some forecasts suggested that Bitcoin’s price could drop as low as $57,000 or even lower in the future, others remained cautiously optimistic. Rekt Capital, a popular trader and analyst, emphasized that BTC/USD was in a “re-accumulation range” and had exhibited similar price behavior in the past. He explained that downside wicks below the range lows were designed to deceive investors before the price resumed an upward trend.
Examining on-chain signals, trader Jelle reached similar conclusions about Bitcoin’s future price action. He noted that Bitcoin had recently tested the 3-day RSI 50 level and the 3-day 33EMA simultaneously, indicating potential stability in the market.
Altcoins, on the other hand, experienced a brutal downtrend during the recent crypto market correction. Michaël van de Poppe, the founder and CEO of trading firm MNTrading, predicted that Bitcoin would continue to consolidate even after the upcoming block subsidy halving. He suggested that altcoins had already endured the worst of their shake-out and anticipated a period of boredom for Bitcoin.
Van de Poppe identified $52,000 and $45,000 as potential targets for a deeper correction in Bitcoin’s price. The total altcoin market cap currently stands at $256.7 billion, showing a 17% increase from the two-month lows observed on April 13, but struggling to break free from a strong downtrend.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and exercise caution when making investment decisions.