Bitcoin (BTC) maintained its new 10-month high during the Wall Street open of April 14, with analysts hopeful for further gains.
$31,000 trend line crucial for BTC
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating around $30,700 after surpassing the $31,000 mark.
The pair did not see any major retracement as it regained ground lost in June 2022.
Now, market participants are focusing on the possibility for bulls to take advantage of existing momentum with positive macro trends.
The United States equities market opened higher, with the S&P 500 and Nasdaq Composite Index both up 0.3% at the time of writing.
“With stocks opening up hot, BTC was able to maintain above the previous range high,” popular trader and analyst Josh Rager shared with Twitter followers after the opening.
“Think we can see a retest and push higher here above $31k+.”
Others have also considered the possibility of BTC/USD reaching $32,000 or more in the short term before taking a more significant step back.
#BTC‘s recent breakout means that price is now entering the $28800-$33000 range (orange-blue)
It’s unclear whether $BTC needs to dip to solidify ~$28800 as support before jumping to $33000
But at the moment, more arguments for upside at this time#Crypto #Bitcoin pic.twitter.com/Nx7bQx0OWa
— Rekt Capital (@rektcapital) April 13, 2023
“I believe the next stop is just a hair above $33,000, where we’ll encounter the 100 moving average, on the weekly time frame,” macro analyst Jesse Dow stated in part of his Twitter analysis during the week.
“Don’t forget we have bullish divergence and convergence on the weekly. And this has NEVER failed after we’ve seen at least a 75% drop in Bitcoin’s price, from the previous cycle.”
Zooming out, the importance of the current range for spot price became all the more visible, with $31,000 acting as support through 2021 until the June 2022 breakdown.
Brandt remains bullish on Bitcoin
As various popular figures called the start of an “altseason,” one staying firmly bullish on BTC was veteran trader Peter Brandt.
Related: What Bitcoin bear market? BTC price closely copying old halving cycles
In a tweet on April 13, Brandt revealed long positions on Bitcoin in addition to stocks, in further suggestion that the worst of the bear market was over.
Heading to MN for the summer. Current Factor LLC positions with trailing stops
Long Nasdaq $NQ_F
Long Gold vs. YPY $GC_F $G6J_F
Long Bitcoin $BTC
Long Gold $GC_F
Long London Cocoa (not shown) $LCC_F pic.twitter.com/FH2o0LxZEz— Peter Brandt (@PeterLBrandt) April 13, 2023
Previously, former BitMEX CEO Arthur Hayes had revealed a shift in his own investment strategy, choosing to increase his exposure to crypto.
“The ensuing Bitcoin rally will be one of the most hated ever,” he predicted in a blog post released last month.
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