Bitcoin (BTC) preserved new 10-month highs at the April 14 Wall Street open as analysts kept hoping for further gains.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView$31,000 revealed as make-or-break trend lineData from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating around $30,700 after spiking past the $31,000 mark.The pair saw no major retracement as it headed further into grounds it originally lost in June 2022.Now, market participants eyed the potential for bulls to capitalize on existing momentum with the help of positive macro trends.United States equities opened higher, with the S&P 500 and Nasdaq Composite Index both up 0.3% at the time of writing.“With stocks opening up hot, BTC was able to maintain above the previous range high,” popular trader and analyst Josh Rager told Twitter followers after the open. “Think we can see a retest and push higher here above $31k+.”BTC/USD, S&P 500 charts. Source: Josh Rager/TwitterOthers also considered the possibility of BTC/USD hitting $32,000 or more in the short term before taking a more pronounced time out.#BTC’s recent breakout means that price is now entering the $28800-$33000 range (orange-blue)It’s unclear whether $BTC needs to dip to solidify ~$28800 as support before jumping to $33000But at the moment, more arguments for upside at this time#Crypto #Bitcoin https://t.co/85DjLHoZnD pic.twitter.com/Nx7bQx0OWa— Rekt Capital (@rektcapital) April 13, 2023
“I believe the next stop is just a hair above $33,000, where we’ll encounter the 100 moving average, on the weekly time frame,” macro analyst Jesse Dow continued in part of Twitter analysis during the week.“Don’t forget we have bullish divergence and convergence on the weekly. And this has NEVER failed after we’ve seen at least a 75% drop in Bitcoin’s price, from the previous cycle.”Zooming out, the importance of the current range for spot price became all the more visible, with $31,000 acting as support through 2021 until the June 2022 breakdown.Brandt stays long BitcoinAs various popular figures called the start of an “altseason,” one staying firmly bullish on BTC was veteran trader Peter Brandt.Related: What Bitcoin bear market? BTC price closely copying old halving cyclesIn a tweet on April 13, Brandt revealed long positions on Bitcoin in addition to stocks in a further suggestion that the worst of the bear market was now over.Heading to MN for the summer. Current Factor LLC positions with trailing stopsLong Nasdaq $NQ_FLong Gold vs. YPY $GC_F $G6J_FLong Bitcoin $BTCLong Gold $GC_FLong London Cocoa (not shown) $LCC_F pic.twitter.com/FH2o0LxZEz— Peter Brandt (@PeterLBrandt) April 13, 2023
Previously, former BitMEX CEO Arthur Hayes had revealed a rethink on his own investment strategy, opting to increase crypto exposure.“The ensuing Bitcoin rally will be one of the most hated ever,” he predicted in a blog post released last month.Magazine: Bitcoin in Senegal: Why is this African country using BTC?The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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