The first quarter saw Bitcoin shake off losses from the previous year while increasing its price value significantly. Bitcoin’s price has taken a nosedive in the past weeks, resulting in a retest of previous daily lows.
While sentiments are mixed now, market players point to bullish data unfolding on the technical chart.
According to the pseudonymous cryptocurrency analyst CryptoJelleNL, the technical indicators display a bullish pattern spotted on the daily chart. The signal highlights Bitcoin’s current position, hinting that the asset could increase its price value by more than $14,000 of its current value.
“Bitcoin has locked in a hidden bullish divergence on the daily chart! This divergence often shows up during pullbacks, during a strong bullish trend – signalling the next leg higher.
Bring on $82,000.” The analyst wrote.
Market players maintain a bullish outlook ahead of April’s Bitcoin halving
As the market prepares for the upcoming Bitcoin halving scheduled to take place this April, onlookers are not putting off the possibility of Bitcoin experiencing volatility despite the upsides accompanying the Bitcoin halving.
Analyst CryptoJelleNL maintains a positive outlook regarding the halving. He cites historical data, explaining that halving events has typically benefited Bitcoin’s price.
“Historically, the Bitcoin halving event leads to a massive rally — but not before a period of choppy price action, designed to shake people out. Don’t fall for it. The best is yet to come.” He asserted.
Similarly, research analysts from Kaiko wrote the following in a note: “While the short-term price impact of the halving has been mixed in the past, BTC tends to increase in the nine to 12 months post-halving”.
At the time of this report, Bitcoin was trading at $64,521. Despite its reversal below its all-time high of $73,750, Bitcoin’s performance this year has largely been commendable. With YTD gains going up to 60%, Bitcoin has not only successfully set a new all-time high this year, but analysts are convinced that Bitcoin could hit $100,000 for the first time since its launch.
On the flip side, the altcoin market is trading in the red zone, as altcoins collectively trade at a loss. Altcoins have shed off around 20% to 35% of weekly gains against BTC and USD. The current data strengthens bearish sentiments, signalling that a bearish storm might be brewing.
