Related: Bitcoin ‘significantly de-risked here’ as nearly 80% of cyclical price correction is done — AnalystHe pointed to the “very significant increase in global money supply” as the reasoning behind his claim that Bitcoin could reach significantly higher levels by “midsummer at the latest.” It echoes a similar sentiment to Real Vision chief crypto analyst Jamie Coutts, who told Cointelegraph last month that “the market may be underestimating how quickly Bitcoin could surge — potentially hitting new all-time highs before Q2 is out.”However, according to CryptoQuant’s Bull Score Index, Bitcoin has been in one of its least bullish phases since November 2022.
Bitcoin’s previous support levels are now resistance“These price levels have acted as price support during this bull cycle but can now act as price resistance if bullish conditions don’t continue to improve,” CryptoQuant said in its report.“This has been the case in past bearish cycles.”Bitcoin was trading at $79,474 at the time of publication, down 3.5% over the past day, according to CoinMarketCap data.Bitcoin is down 2.24% over the past 30 days.
CryptoQuant analysts said in an April 10 markets report that if Bitcoin (BTC) “continues to rally,” it could hit resistance around the $84,000 price level, but if it breaks through, it could soar before its next resistance level of $96,000.
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Author / Journalist: Cointelegraph by Ciaran Lyons
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