After a week of volatility, Bitcoin (BTC) traded in a small range of approximately $30,000 over the weekend. NBTC began the week around $28,300, but bulls managed to push it up to $30,900 by Friday, setting a new ten-month high. However, the price has subsequently retraced, and BTC has been trading in the $30,100 to $30,500 range. Despite this, BTC’s market capitalization has consistently increased, from $318.5B to $ 586.8 B.
Ethereum (ETH), on the other hand, has been rather quiet, remaining around $2,100 after rising more than 13% in the previous seven days, thanks in part to the recently completed Shanghai upgrade. Over the last few days, the cryptocurrency market has been rather calm, with most altcoins following BTC’s trend. Lower trade volumes over the weekend have also contributed to the market’s tranquillity.
Meanwhile, as bears and bulls continue to struggle along a major multi-year support-resistance zone, popular cryptocurrency expert “Ali” warns that Bitcoin may have a minor downturn. According to the analyst, Bitcoin now faces a huge task in breaking through the resistance level of $30,270 to $32,150. “The $30,270-$32,150 resistance remains a tough hurdle for Bitcoin, where 770K addresses bought 360K BTC,” Ali tweeted on April 16.
If this support level is broken, Ali warns that the next critical support is at $27,600-$28,450. “Meanwhile, the $29,330-$30,200 support remains strong, with 700K addresses purchasing 390K BTC.” If this level is broken, the next critical support is at $27,600-$28,450,” he noted.
This suggests that BTC may face some short-term negative pressure. Nonetheless, Ali’s research shows that many investors are still eager to acquire the cryptocurrency at present prices, signaling underlying support.
In a previous tweet, Ali said that the Stock-to-Flow Ratio Multiple (SORP), an indicator with a solid track record of signaling the onset of bull markets, suggested that Bitcoin will experience spectacular rise. “Another Bitcoin indicator points to rapid growth!” Historically, aSORP (90d) less than one indicates a bear market and more than one indicates a bull market. It resulted in profits of 6,110%, 150%, and 579% in 2015, 2019 and 2020, respectively. “aSORP recently moved above 1, implying that $BTC is about to go parabolic,” he stated.
Another cryptocurrency researcher, Mulder Sonny, believes Bitcoin will reach $85,000 by June 30. In a Sunday tweet, the pundit suggested that if the current quarter is good, Bitcoin’s price may mirror the price movement of 2015, potentially producing a new all-time high or “blow off top,” albeit this was not a guarantee. According to CoinMarketCap, Bitcoin was trading at $30,331, down 0.28% at the time of publication. Similarly, despite a 0.54% dip within the same period, Ether remained unchanged and traded at $2,090.
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