Explore Bitcoin’s market trends and future forecasts. Stay informed with insights into its movements and potential growth.
Bitcoin (BTC) has been oscillating between $74,000 and $84,000 over the past week. This cryptocurrency market movement has been impacted by heightened volatility due to ongoing global trade tensions instigated by the United States. The next destination for BTC in this fluctuating market remains a topic of speculation. Crypto analytics firm CryptoQuant recently published a report suggesting that the $84,000 threshold is pivotal for Bitcoin’s current market trajectory.
CryptoQuant analysts emphasize that the $84,000 level, which previously acted as a support, could now emerge as resistance. The report highlights that if Bitcoin successfully breaches the $84,000 barrier, the subsequent target could potentially be $96,000. According to CryptoQuant’s Bullish Score Index, only one bullish signal is currently active: Bitcoin continues to trade above its 365-day moving average. Nonetheless, the other nine technical indicators remain dormant, indicating cautious investor sentiment.
The recent imposition of tariffs by US President Donald Trump on all countries had a profound impact on both stock and crypto markets. Relief came as Trump granted a 90-day exemption to countries that refrained from retaliating. This led to sharp increases in indices such as the S&P 500 and Nasdaq, which rose between 9-12%. Concurrently, Bitcoin experienced a 9% gain, allowing it to retest the $83,000 level.
Despite weak technical indicators, some market analysts remain optimistic, believing that Bitcoin could set new records in the near future driven by macroeconomic factors. On April 10, Abra Global CEO Bill Barhydt expressed his prediction that Bitcoin might reach the $130,000 to $140,000 range by the end of June, which is approximately 29% above its all-time high of $109,000 achieved in January. Source: Bill Barhydt’s Twitter
Bitwise Research Head Ryan Rasmussen shared another optimistic outlook for Bitcoin, highlighting its robust fundamental dynamics despite recent declines. Rasmussen noted, “Recent months have seen a strong news flow favoring Bitcoin. The White House’s plan for a Bitcoin reserve, regulatory clarity, and increased interest from large state funds in crypto assets suggest a positive long-term outlook. Current market volatility might delay the reflection of these positive influences.” Bitwise predicts that Bitcoin’s price could reach $200,000 by the end of 2025.
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