Bitcoin can hover at a low $ 80,000 in the near term if it does not break on the next level of resistance, says Cryptoquant, while other analysts predict cryptocurrency will hit a fresh all time high within the next two months.
Cryptoquant analysts stated in an April 10 report that Bitcoin (Btc) “Continue to rally,” it can hit resistance to around $ 84,000 price levels, but if it breaks, it can sink before the next level of resistance of $ 96,000.
Bitcoin’s earlier levels of support now fight
“These price levels will act as a price support during this bull cycle but can now act as price resistance if bullish conditions do not continue to improve,” Cryptoquant said in his report. “This is what happened to the past bearish cycles.”
Bitcoin traded at $ 79,474 at the time of publication, down by 3.5% on the previous day, According to In CoinMarketCap data.
Bitcoin dropped 2.24% in the past 30 days. Source: CoinMarketCap
April has become a moon change for bitcoin. US president Donald Trump raised global tariffs on April 2, who contacted the fear of financial markets, before suddenly stopped for 90 days and softened the bearish momentum.
Bitcoin briefly rose above $ 85,000 on April 1, but it returned to around $ 76,000 on April 8 due to the uncertainty surrounding Trump’s tariff plans.
Cryptoquant said the prices recovered “mostly lost land” on April 9, after Trump announced a 90-day pause on tariffs in all countries except China, which has now been rampant up to 145%.
Bitcoin could first find a resistance to $ 84,000 and then at $ 96,000 places. Source: cryptoquant
After the announcement of Trump’s tariff on April 9, both the crypto and the broader financial market saw a greater climb.
Bitcoin climbed up to about 9%, upside down most of the losses This happened earlier on Sunday, to retest $ 83,000. Meanwhile, the S&P 500, which tracks the 500 largest US public companies. NASDAQ 100 posted a 12.02% benefit on the day of trading.
Abra Global CEO Bill Barhydt Says In an April 10 X post this could have been just a matter of months before Bitcoin saw its price of almost 29% above the $ 109,000 all-time high set in January.
“Bitcoin is a levered bet on tech stocks, and it will all go up and right,” Barhydt said, adding that Bitcoin could go as high as $ 130,000 to $ 140,000 in late June.
He pointed out the “very significant increase in the global currency supply” as reasoning behind his claim that Bitcoin could reach a higher level of “Midsummer in the latest.”
It boasts a similar emotion to the real Chief Chief Crypto Analyst Jamie Coutts, who told cointelegraph last month That “the market can be underestimating how fast the Bitcoin-Potential hit of new hours high before Q2 appears.”
However, according to the index of the Bull’s Cryptoquant Bull score index, Bitcoin is in one of the least bullish phases since November 2022.
Cryptoquant said that with the Ten Bull signals it monitors on the bull score index, only one is active, with bitcoin trading above the 365-day transfer of average.
It said the market would have to wait and see if the bull signals “moved” in the coming weeks following Trump’s recent decision to pause his tariffs.
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