Bitcoin (BTC) is poised for a price breakout after beating volatility, but April could still trigger a surprising sell-off.
In his last market update On Friday, Filbfilb, co-founder of trading suite DecenTrader, said he now expects the advantage to take the helm from BTC / USD.
BTC “threatens an outbreak”
Bitcoin has recovered from its flash crash earlier this week, briefly hitting $ 60,000 on Friday.
With seven-day gains still at 13%, there are plenty of reasons to be optimistic in the near term as consolidation appears to be finalizing, Filbfilb said.
“With the weekend lurking in the midst of a lively week; it’s hard not to be optimistic, ”he summarized.
“I don’t think we’ll break out with that much cruelty, but I do think we’re on the brink of a strong outbreak.”
One notable comparison is what happened to Bitcoin when it originally broke through the USD 20,000 resistance. A pattern of sudden outbreaks after a prolonged period of consolidation and regression could eventually mark $ 60,000 as well.
“A few weeks ago, I shared this similar price action / market structure as what was seen around the $ 20k level, which was corrected to c.50k before a violent breakout,” Filbfilb continued.
“Since then, Price has played almost perfectly with this idea and is now threatening an outbreak.”
Bulls to account for Coinbase IPO, options expire
However, this outbreak faces challenges in the coming weeks. Coinbase, fully prepared before the IPO on April 14, could unintentionally cause downward price pressure.
As was the case with the London-based this week Deliveroo, the debut of an IPO often initially results in sales, with the implications for Bitcoin being clear.
“We may see increased volatility around this April 14 period and should pay particular attention to the time from here until options expire at the end of the month,” Filbfilb concluded.
Expiration of options at the end of the month can also temporarily scare the spot price – this was clearly visible at the end of March when options expiring. record $ 6 billionUltimately, however, the actual event itself did not affect BTC’s performance.
“There is a lot more bull market to come,” statistician Willy Woo prediction
Woo quoted active BTC delivery data from on-chain analytics service Glassnode, which also suggests that Bitcoin may rise more before old hodlers sell for a profit, causing a cycle stop.
Regardless of Coinbase’s IPO impact in the market this month, the analyst does not see Bitcoin close below $ 46,400 any time soon. He said:
“$ 46.4k is the price I’m modeling that we won’t be visiting again during this bull market (daily close).”