Bitcoin Bulls Prepare for a BTC Price Blowout Above $30K
At current levels in the mid-$29,000s, the Bitcoin (BTC) price is up over 6.0% in the last 24 hours according to CoinGecko.
Indeed, while still down around 4.5% versus the 10-month highs it hit earlier this month above $31,000, Bitcoin has now rebounded close to 10% since testing its 50-Day Moving Average in the $27,000 area a few days ago.
And with bank crisis concerns back in focus as First Republic comes under scrutiny once again (creating safe-haven demand for Bitcoin) and tech stocks surging (with which Bitcoin is positively correlated), bulls are preparing for a price blowout to the north of the psychologically important $30,000 level.
And macro fundamentals aren’t Bitcoin’s only tailwind right now.
The cryptocurrency continues to benefit from technical buying as a result of 1) the strong rebound from the 50DMA, 2) the strong rebound from the 200DMA and realized price back in March under $20,000 and 3) the “golden cross” in early February.
A number of analysts noted on Twitter that Bitcoin appears to be following in the steps of a rally it saw in 2019 where the cryptocurrency posed lows that kept curving higher.
One analyst asked whether we are about to see an “impulsive” rally in Bitcoin towards $50,000.
Analysis of Bitcoin’s longer-term market cycle suggests that it would be historically normal for the cryptocurrency to remain in a strong uptrend for the foreseeable future, adding to the reasons why bulls should expect a near-term push to the north of $30,000.
From the bottom of the 2015 bear market to the top of the 2017 bull market, Bitcoin gained a staggering more than 12,500%.
From the bottom of its 2018 bear market to the top of its 2021 bull market, Bitcoin gained a still impressive 2,100%.
Assuming diminishing
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