Since the start of the trading year, Bitcoin has closed a 3-month bullish candle and is on track to steal a fourth. 2023 has been an eventful year for the crypto industry and the price of Bitcoin, which soared this month to the surprise of many crypto analysts.
Bitcoin’s significant price movements, which pushed it above $30,000 for the first time since June 2022, sparked euphoria and fueled the interest of retail and major cryptocurrency investors. While market sentiment may seem positive right now, what could have triggered this sentiment?
Bitcoin price is in the spotlight
Bitcoin has shown persistence in its recent price moves and rallies, trailing several altcoins while making significant gains.
This positive price trend of Bitcoin alongside other cryptocurrencies has led crypto communities to announce the start of a bull run and continued price movements.
Related Reading: Bitcoin Holds $29,300 as PCE Comes Out Neutral
Recently, crypto expert analysts, celebrities, and even some traditional financial analysts have made BTC a hot topic of discussion, scrapping bullish price predictions for the cryptocurrency.
According to a Reuters reportGeoff Kendrick, head of digital asset research at Standard Chartered, made price predictions for Bitcoin and said the alpha crypto could hit $100,000 by 2024.
Also Robert Kiyosaki, the famous best-selling author of “Rich Dad Poor Dad,” called recently a $100,000 price prediction for BTC on his Twitter account.
BTC’s sudden price rise and attention can be attributed to various market factors and events in the Tradfi and business world.
Recent news from the to collapse from banking giants such as Silicon Valley and Silvergate caused a stir in traditional finance, with users concerned about the safety of their money.
Concerns about rising inflation and de-dollarization have also led financial pundits and analysts to look at Bitcoin as a “safe haven” due to its decentralized nature.
As the woes of the traditional financial system continue with recent news that the First Republic Bank may fail, Bitcoin price appears to be closing in bullish territory for another month.
Bitcoin chart analysis on the weekly time frame
On the chart’s monthly timeframe, Bitcoin’s price rises to the end of April at a bullish level after a consecutive 3-month run.
The weeks of April witnessed bullish activity and amazing price action from BTC as it surged past the $30,000 price region for the first time since last year.
Bitcoin hovers around key support on the weekly chart timeframe |Source: BTCUSD on TradingView.com
However, the week before saw a massive price drop of BTC below $27,000 after it briefly tested resistance hovering around the price level below $31,000.
This week looks up at Bitcoin as bulls appear to be taking over. At the time of writing, BTC is trading at USD 29,340, just above a key support level.
Related reading: Dogecoin remains unshakable despite new addition of trading pair on Top Exchange
A break below the $29,200 support level could send the alpha cryptocurrency looking for the next support at the price level below $28,000.
On the upside, if BTC bulls are able to build momentum and break the resistance slightly above USD 30,000, then it could climb above USD 31,000 to test the next resistance level available.
Featured image from iStock, chart from TradingView.com
