Bitcoin broke through the $30,000 mark for the first time since last June. Max Keiser, Bitcoin advocate and cryptocurrency podcaster, explain The top coin has an exciting surge to $220,000.
This isn’t the first time Bitcoin proponents have made $220,000 predictions. He has expressed this optimism many times over the year and continues to this day. According to reports, Keizer predicts that $220,000 in Bitcoin will arrive in an instant.
Bitcoin, the largest cryptocurrency by market value, broke through the key $30,000 mark for the first time in 10 months on Tuesday, as investors bet the Federal Reserve would soon end its draconian monetary tightening. The move has fueled BTC’s steady rise since January. Currently, the largest cryptocurrency by market cap is up 86% year-to-date.
The investor influx into Bitcoin following the banking crisis may have contributed to this positive story.
Crypto investment products took in $57 million last week despite low trading volumes, with most of the money going to bitcoin, according to digital asset manager CoinShares. The report suggests that this has brought digital asset flows back into positive territory for the year.
At the time of writing, Bitcoin was up 6.49% at $30,125 after hitting an intraday high of $30,430. The index is up about 6% since the start of the month, following a 23% gain in March.
With the banking sector turbulent in March, investors were looking to Wednesday’s U.S. inflation report to determine the Fed’s next move.
technical analysis
After a long period of uncertainty, bitcoin price has finally broken a key technical resistance level.
This has led some investors to question whether the bear market is finally over, or is the recent rally just a bull trap (temporary uptick)?
daily chart
Bitcoin has reached the critical and decisive resistance area of $30K, bringing bullish sentiment to the market. Now that the price has broken out of the psychologically static level, many participants believe the bear market is over, with Bitcoin bottoming out at $15,000.
However, it is too early to declare the recent uptrend as the start of the next bull run, as the price needs to break the upper trendline of the ascending channel and then retest it as a pullback.
Furthermore, if BTC is rejected into this key zone and falls, the $25,000 range will act as the strongest support as it also coincides with the 50-day moving average.
Source: TradingView
4 hour chart
Bitcoin has surged higher recently, breaking the upper bound of a consolidating corrective wedge pattern and forming a prominent green candle on the 4-hour time frame.
If the price sustains above the $30,000 resistance area and manages to retest it as a pullback, an extended rally towards the $38,000 area is possible.
But the current price deviates significantly from RSI, which increases the risk of a sharp short-term decline.
The RSI has moved into overbought territory, suggesting a short-term correction is required for the next healthy rally.
Source: TradingView
On-chain analysis
Bitcoin price is seeing a major move as it breaks above a key technical resistance level. However, this optimistic development may only be a temporary increase, known as a bull trap.
To get a better idea of what’s coming next, it’s best to look at the behavior of Bitcoin miners. By examining the reserves, it is clear that they took advantage of the recent bull run to dump some tokens and cover operating costs.
The indicator has been trending slightly lower over the past month, suggesting that miner selling is accelerating and showing no signs of slowing down anytime soon.
If the selling trend persists, there is a risk of a short-term bearish reversal as the market will be flooded with excess supply. This could cause the price to drop again, as high demand is needed to keep up with the flow of tokens being sold by miners.
Therefore, monitoring the behavior of miners is very important in determining the direction of the price of Bitcoin.
Source: CryptoQuant
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Mingying
According to Kyptos
