Bitcoin’s price is hovering close to $87,000, but traders express mixed views on the significance of this climb. As Bitcoin (BTC) reaches new highs this April, skepticism over its price strength prevails. According to data from Cointelegraph Markets Pro and TradingView, Bitcoin is attempting to breach the $86,000 mark.
Despite the continuous price rally over the weekend, bringing Bitcoin closer to the $90,000 milestone not seen since early March, worries about macroeconomic instability, particularly the ongoing US trade war, prevent market watchers from declaring an end to the Bitcoin bear market phase.
“It’s amusing to see sentiments change so swiftly – only a few days ago, everyone was predicting a drop to 50k. Now, they’re hurrying to turn bullish at the sight of the first green candle. This emotional rollercoaster is exactly why most traders lose money,” stated trading platform Stockmoney Lizards in a recent analysis.
Although short-term momentum seems bullish, Stockmoney Lizards warns of several resistance hurdles that need to be overcome before confirming the end of the correction. They continue to predict a fluctuating BTC price, with a retest of major long-term resistance near $100,000 likely to occur later.
“I remain cautiously optimistic – expect continued fluctuations between 78-88k for several weeks as Bitcoin builds energy for its next leap,” they projected. “Once we surpass the 97k mark, the path to 110k and beyond becomes much more plausible by late summer.”
Many traders are focusing on a BTC price breakthrough attempt, targeting a multi-month downward trend line. However, veteran trader Peter Brandt voiced skepticism, claiming that trendlines are the least significant aspect of chart construction and a break in the trendline does not necessarily suggest a shift in trend for Bitcoin.
Please note: This article does not provide investment advice or recommendations. Every investment and trading move carries risk, and readers should conduct their own research when making decisions.
