Pundit predicts Bitcoin’s next price move as accumulation continues ZyCrypto

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Bitcoin (BTC) continued to trade in a tight range over the weekend around $30,000 after a week of volatility.

BTC started the week around $28,300, but the bulls managed to push the price up to $30,900 on Friday, marking a new ten-month high. However, the price has since pulled back and BTC is hovering between $30,100 and $30,500. Despite this, the market capitalization of BTC continued to rise steadily, rising from $318.5 billion to $586.8 billion.

Ethereum (ETH), on the other hand, has been relatively quiet and remains around $2,100 after gaining more than 13% in the past seven days, thanks in part to the recently concluded upgrade in Shanghai. Overall, the cryptocurrency market has been relatively stable over the past few days, with most altcoins following BTC’s lead. Lower trading volumes over the weekend also contributed to market calm.

Bitcoin At Crossroads, Analyst Warns

Meanwhile, as bears and bulls continue to clash along a critical multi-year support-resistance zone, popular crypto analyst Ali warns that Bitcoin could see a slight pullback. According to the expert, Bitcoin now faces a significant challenge to overcome the resistance level between $30,270 and $32,150.

The $30,270-$32,150 resistance remains a tough hurdle for Bitcoin where 770,000 addresses bought 360,000 BTC, Ali tweeted on April 16.

Ali advised caution if this support level breaks, as the next key support lies between $27,600 and $28,450. Meanwhile, the $29,330-$30,200 support remains strong where 700,000 addresses bought 390,000 BTC. Be careful if this level breaks; the next key support is $27,600-$28,450, he added.

This indicates that BTC might be under some short-term downward pressure. Nonetheless, Alis’ analysis reveals that many investors are still willing to buy the cryptocurrency at current levels, indicating underlying support.

In a previous tweet, Ali pointed out that the Stock-to-Flow Ratio Multiple (SORP), an indicator with a strong track record of signaling the start of bull markets, pointed to explosive growth for Bitcoin.

Another Bitcoin indicator hints at explosive growth! Historically, aSORP (90d) below 1 signals a bear market and above 1 signals a bull market. In 2015, 2019 and 2020, this led to gains of 6,110%, 150% and 579%. aSORP recently topped 1, suggesting that $BTC is preparing to go parabolic, he wrote.

Mulder Sonny, another crypto analyst, predicts that Bitcoin could hit $85,000 before June 30. In a Sunday tweet, the expert suggested Bitcoin price could mimic the price action of 2015 if the current quarter emerges strong, potentially creating a new all-time high. or blow on it, although that was not yet a guarantee.

At press time, Bitcoin was trading at $30,331, down 0.28% according to CoinMarketCap. Similarly, Ether held steady and traded at $2,090 after declining 0.54% over the same period.

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