A recent Quicktake post on CryptoQuant by BorisVest points to early indicators that suggest a temporary correction may be on the horizon for BTC. The analyst warns that unless BTC gains positive momentum soon, it might struggle to sustain its bullish path.

Binance’s taker buy/sell volume recently showed a significant increase in aggressive buy orders, typically a bullish signal. However, the sell volume has also concurrently risen, effectively neutralizing much of the demand. Despite this surge in buy volume, BTC’s price has not shown a proportional response, indicating the possibility of distribution or selling pressure.

Moreover, Binance’s open interest has spiked during the recent price rally, indicating an influx of leveraged positions. Although rising open interest can support further gains, the muted price reaction raises questions about Bitcoin’s short-term strength.

Meanwhile, funding rates have remained relatively neutral throughout the rally. Yet, the recent push to a new ATH has seen BTC’s funding rates turn slightly positive, signalling increased long exposure and renewed bullish sentiment.

Simultaneously, the price breakout led to significant short liquidations, likely driving a short squeeze. According to Coinglass, over the past 24 hours, $521 million in positions were liquidated, with $448 million of those being short positions.

In conclusion, BorisVest argued that despite some cautionary signs, Bitcoin’s overall bullish structure remains unbroken. However, the market is beginning to show early signs of a potential short-term pullback, particularly due to the spike-driven nature of the recent move.

Other analysts, like Christian Chifoi, believe the current price action could be a deceptive move designed to ensnare bullish traders, potentially pushing BTC down to $97,000 before the final rally commences. Regardless, the recent weakness observed in the US Dollar Index (DXY) has spurred hopes for a capital shift towards alternative assets, including BTC. As of press time, BTC trades at $110,885, up by 1.1% in the past 24 hours.

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Technical Analysis By ShayanMarkets

On the daily chart, Bitcoin’s rally shows clear signs of fatigue. The inability to surpass the $110K mark could indicate the formation of a double-top pattern, a well-known bearish reversal signal. Currently, Bitcoin is trading within a crucial price bracket, bordered by the $111K ATH and a fair value gap (FVG) between $103K and $104K. With the visible decline in bullish momentum, a short-term rejection and further consolidation within this zone seem probable. However, the FVG could serve as an important demand zone, potentially preventing more serious corrections and laying the groundwork for another attempt at the $111K peak.

Looking at the 4-hour chart, Bitcoin failed to set a new high above $110K, facing significant resistance at this level. This confirms the existence of strong selling pressure near the ATH, further solidifying $111K as a critical barrier. Bitcoin is now trading between two significant liquidity zones: one below $105K and another above $110K. These zones could spark interest from institutional investors and may result in short-term price volatility. A range-bound movement between these zones is anticipated until a definitive breakout, likely driven by a liquidity sweep in one direction or the other, occurs.

Sentiment Analysis By ShayanMarkets

Despite persistent selling activity from users on Binance Derivatives over the last 45 days, Bitcoin has held its ground between $100K and $110K. The Cumulative Volume Delta (CVD), a real-time indicator of net buy and sell volume, signals a strong selling pressure. However, the price’s resilience suggests an absorption phase, likely led by institutional investors or large players quietly accumulating.

This continuous divergence between the sell-side flow and the stable price action could mean that Bitcoin is establishing a robust base. If the current structure persists, with continued absorption within this range, the chances of a bullish breakout increase, potentially paving the way for a revived uptrend.

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BTC Price Analysis: Technicals by Shayan

The Daily Chart

Despite moving towards its all-time high of $111K, Bitcoin exhibits declining bullish momentum. Factors such as consistent profit-taking and enhanced selling pressure at this psychological level have resulted in muted volatility in recent sessions. Additionally, on-chain indicators expose distribution among long-term holders, adding more supply and fortifying resistance near the ATH.

Nevertheless, the ongoing consolidation phase below $111K can act as a springboard for a breakout, given there is fresh demand in the market. A bullish breakout might trigger a short-squeeze, pushing the price towards the $120K mark and potentially setting a new record high.

The 4-Hour Chart

On a smaller timeframe, Bitcoin made an attempt to climb but faced resistance at the upper boundary of a descending wedge around $108,000. This has led to a low-volatility sideways structure, with the pattern’s upper trendline playing the role of strong resistance.

If the price fails to reclaim this level, another rejection is probable, possibly pulling Bitcoin back towards the $100K support at the wedge’s lower boundary. On the flip side, a significant breakout above $108K could spur a fresh bullish wave, aiming for the $111K ATH again. Although momentum seems slow, market structure and pattern formation suggest Bitcoin is gearing up for a breakout, with only the timing left uncertain.

On-chain Analysis by Shayan

Chart data gives vital insights into the volume of Bitcoin’s supply being spent or reactivated by different age bands. Amid the current static price action between $100K and $111K, many are curious as to why the market’s momentum is fading. This data might provide a lucid explanation.

Long-term holders, those who have kept their coins for over three years, seem to be the main contributors to the ongoing selling pressure. These investors are cashing in on substantial profits, often many times their initial cost basis, thereby placing consistent resistance on the price’s ability to climb further.

As long as this profit-taking wave persists, upward momentum is likely to remain restricted. However, if these holders slow their selling and fresh demand enters the market, Bitcoin could burst above the $111K barrier, triggering a potential short-squeeze and paving the way for further price discovery.

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Babenski, in a TradingView update, noted that the XRP value is creating a petite flag pattern above a significant past accumulation region. According to him, this condition indicates an imminent breakout. His accompanying analysis suggests that the altcoin could potentially skyrocket to a remarkable $5 mark, setting a new ATH.

Another crypto analyst, Dark Defender, also forecasted that XRP might surge beyond $5 during the 5th wave of the ascending move. The analyst pointed out that since January 17th, the altcoin has been on a downward trend, but its support level is strengthening. Along these lines, an intersection is currently visible. Dark Defender predicted that XRP would make a decisive move within a fortnight.

Dark Defender’s analysis further suggests that XRP could reach up to $5.8563 with this upward move. In a subsequent post, he confirmed that the altcoin is already en route to a new ATH. Egrag Crypto, another analyst, echoed this notion by indicating that XRP is at a crucial point and could make a significant move soon.

In his latest analysis, Egrag Crypto stated that XRP is at a critical crossroads with a major formation breakout. The analyst predicts a 70-80% chance for an upward breakout and a 20-30% chance for a downward move. He believes that this breakout will be catalyzed by some significant news and that the chart suggests this news is imminent. He expects the fundamentals to be robust enough to pierce through key resistance levels.

In a post, crypto analyst CasiTrades expressed that XRP price is about to get thrilling. She noticed that the entire consolidation structure is nearing its end. With the price at a standstill and momentum stagnant, she believes that this is precisely how substantial market moves originate.

CasiTrades identified subwave 2 extensions from the recent local low. If this was indeed the Wave 2 bottom, then the measured extension projects upside targets. These targets align in the $8 to $13 macro zone, which she has been highlighting for over a year. This rare alignment across structure, time, and Fibonacci extensions is why she insists that everyone should be macro bullish on XRP.

At the time of writing, XRP is trading at approximately $2.29, down in the last 24 hours, as per CoinMarketCap data.

The post Anticipation Builds as XRP Price Breaks Out Toward $5 ATH Following Flag Pattern Formation appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Crypto expert Crypto GEM has offered an extremely bullish forecast for Ethereum’s price, suggesting it could hit a new all-time high (ATH) in this market cycle. According to his forecast, ETH could see a threefold increase during this predicted bull run.

In a recent post, Crypto GEM suggested that Ethereum’s price is set to skyrocket in this cycle, potentially reaching a staggering $8,000. His accompanying graph indicates that ETH could hit this target by July 2026. Another crypto analyst, Mikybull Crypto, has also outlined similar price targets for ETH within this cycle, ranging between $8,000 and $10,000.

Mikybull Crypto’s recent analysis shows that the current Ethereum price mirrors the price action of the 2017 market cycle. Reflecting this pattern, he suggests that ETH could reach a minimum price target of $8,000. Despite Ethereum’s underperformance in this cycle, the analyst remains optimistic about ETH’s potential for a parabolic rally.

Mikybull Crypto predicts a short-term Ethereum price rally above $3,000. He believes that ETH is still building momentum within an ascending triangle, and sets the target at $3,200 for this potential breakout. He reaffirmed this prediction in another analysis, suggesting that the same pattern is forming under different market conditions, and that investors should brace for a significant upswing.

In another post, crypto analyst Titan of Crypto forecasted that the Ethereum price could rally to $3,800 as a bull flag forms. He suggests that ETH has just broken out and that this bullish pattern is continuing. If proven correct, the analyst indicates that the next target could be around $3,800. This is just a stepping stone as Titan of Crypto anticipates Ethereum to climb even higher in the long run.

Similar to Crypto GEM and Mikybull Crypto, Titan of Crypto also believes that the Ethereum price could reach $8,000 eventually. He highlighted Ethereum’s market structure and potential targets, setting the first target for ETH just above $5,000, the second just over $7,000, and the third at $8,500.

At the time of writing, Ethereum is valued at approximately $2,500, witnessing a decline in the last 24 hours, as per data from CoinMarketCap.

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As reported on the Companies Market Cap website, this price hike lifted Bitcoin’s market capitalization to approximately $2.182 trillion. Bitcoin currently trails only behind tech behemoths Apple, NVIDIA, and Microsoft, and the conventional safe-haven asset, gold, which boasts a whopping capitalization exceeding $22 trillion.

Rob Nelson from The Street shared insights from a roundtable discussion held in February, featuring Gracy Chen Chen, Bitget’s Managing Director, who expressed optimism about Bitcoin’s prospects. Chen believes that with rising institutional adoption, changing regulations, and new practical applications, Bitcoin’s market cap will eventually surpass that of gold, possibly this year or in the next few.

Once referred to as “digital gold,” Bitcoin’s role has transformed substantially. Initially viewed as a risk-averse asset, it has become more intertwined with traditional financial markets, particularly with the expected approval of spot Bitcoin ETFs in 2024. Chen highlighted this shift, pointing to Bitcoin’s increased correlation with the US stock market.

Analysts are predicting a possible surge to $150,000, bolstered by positive regulatory developments in the US. Antoni Trenchev, co-founder of digital asset trading platform Nexo, sees the current market landscape as favorable for Bitcoin. He noted that we’re still in the fourth year of Bitcoin’s price cycle, a critical period following a halving event that has historically led to significant price hikes.

As of the time of writing, BTC is trading at $109,570, marking an increase of 3% and 25% over the 24-hour and 30-day periods, respectively.

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The currency is currently trading above $106,000, supported by the 100-hour Simple Moving Average (SMA). A key development was the breach of a connecting bearish trend line, which presented resistance at $106,400 on the hourly chart of the BTC/USD pair, according to data from Kraken.

Bitcoin could gain bullish momentum if it surpasses the $107,200 resistance. After establishing a base, Bitcoin managed to overcome the $105,000 resistance zone and bulls drove the price above $105,500. The price even soared above the $107,000 resistance zone, although it did not manage to maintain these gains.

The price reached a high of $107,262 before consolidating its gains. There was a slight dip below the 23.6% Fibonacci retracement level of the rise from the $104,269 low to the $107,262 high. Currently, Bitcoin is trading above $106,000 and the 100-hour SMA. The immediate resistance is around the $107,000 level, with key resistances at $107,200 and $107,500. A close above $107,500 could propel Bitcoin towards the $108,800 resistance level, and possibly even towards a new all-time high of $110,000.

If Bitcoin fails to break the $107,000 resistance, it might undergo another correction. Immediate support is around the $106,250 level, with significant support at the $105,400 level and the 61.8% Fibonacci retracement level of the rise from the $104,269 low to the $107,262 high. Further support lies in the $104,250 zone. A drop below this could push Bitcoin towards the $103,500 support in the near term, with the main support at $102,500. Falling below this level might trigger a bearish momentum for Bitcoin.

Technical indicators:

Hourly MACD – The MACD is losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $105,400, followed by $104,250.

Major Resistance Levels – $107,200 and $107,500.

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Despite the continuing sell-off, fresh on-chain data from CryptoQuant hints at a possible recovery rally for Bitcoin. The Cumulative Value Days Destroyed (CVDD) indicator, which monitors long-term holder behavior and capital inflows, suggests that a new uptrend in BTC might be forthcoming. If Bitcoin manages to stabilize and regain crucial support levels, it could set the stage for a surge to a new all-time high of $128,000.

As Bitcoin hovers at a pivotal point, the outcomes of the upcoming trading sessions will be critical in determining if BTC can regain its momentum or if further declines are imminent. Investors are keenly watching whether the selling pressure persists or if long-term holders begin to accumulate, indicating a potential market rebound.

Bitcoin stands at a crucial point, facing a high risk of continued correction due to the prevailing bearish sentiment in the market. Many analysts have begun to question the continuation of the Bitcoin bull cycle as BTC battles below $85,000, barely maintaining above $80,000. Intensified selling pressure has led investors to anticipate a further drop, potentially pushing BTC into lower demand zones.

Despite the gloomy outlook, some analysts argue that a recovery is still feasible if Bitcoin can reclaim key levels. Renowned analyst Ali Martinez shared insights, stating that if BTC reclaims $84,000 as support, it could pave the way for a rally to a new all-time high of $128,000. This suggests that despite the market’s fragility, there’s still potential for Bitcoin to regain strength if bulls step in at critical price points.

The upcoming weeks will be instrumental in determining the strength or weakness of this cycle. If BTC continues to struggle below key resistance levels, a deeper correction could follow, reinforcing bearish sentiment. However, if bulls succeed in pushing BTC back above $84K, it could signal a momentum shift, potentially reigniting the uptrend.

Amid market uncertainty, traders are eagerly anticipating BTC’s next move, as its ability to maintain or regain support levels will decide whether this cycle has ended or if another rally is in the offing.

Bitcoin has been under enormous selling pressure, with the largest drop occurring on Sunday when the price dipped from $86,000 to $80,000, marking a 7% decline in just a few hours. This sharp downturn has triggered panic selling as investors remain unsure about Bitcoin’s short-term direction.

For bulls to regain control, BTC must reclaim the $86,000 level and push above $90,000 to confirm a potential recovery rally. A strong move beyond these key resistance levels could restore confidence in the market, suggesting that Bitcoin’s correction phase might be nearing its end.

However, failure to break above $86K could keep Bitcoin under bearish control, increasing the risk of another drop. If BTC drops below $80,000, it could test the $78,000 low, a level which, if breached, may lead to further downside pressure.

As Bitcoin stands at a critical juncture, the next few trading sessions will determine whether bulls can reclaim key levels or if bears will continue to dominate the market, pushing BTC into deeper correction territory.

Featured image from Dall-E, chart from TradingView

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Market Implications and Brandt’s Perspective

Peter Brandt, renowned for his extensive experience in the futures market, emphasizes the importance of understanding opposing viewpoints in trading. He notes that even as Bitcoin faces significant events like the approval of a spot Bitcoin ETF and a recent halving, its inflation-adjusted value tells a different story. This analysis serves as a critical reminder of the potential and limitations of Bitcoin’s current market dynamics.

Future Outlook and Broader Sentiments

Despite his cautious stance on Bitcoin’s inflation-adjusted highs, Brandt remains optimistic about the cryptocurrency’s potential. Alongside other market analysts and investors, there is a strong anticipation that upcoming developments could significantly impact Bitcoin’s demand and price. Notably, Robert Kiyosaki, author of “Rich Dad Poor Dad,” predicts that Bitcoin’s price could surpass $100,000 by the end of this year, propelled by reduced supply and increased demand from new financial products.

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Rally Driven by Spot ETFs and Halving Anticipation

The catalyst behind Bitcoin’s recent surge can be attributed to the launch of spot Bitcoin ETFs in the US, which have collectively acquired an additional 177,000 bitcoins. This is in addition to the 621,000 bitcoins already held by Grayscale’s Bitcoin Trust, now converted into an ETF, accounting for 4% of all bitcoins in circulation. The anticipation of the upcoming Bitcoin halving event on April 19 adds to the fervor, with expectations of a decrease in Bitcoin issuance fostering a bullish market sentiment.

Market Impact and Ether’s Performance

As Bitcoin ventures into uncharted territory, the broader cryptocurrency market is responding with equal enthusiasm. Ether (ETH) hovers just below the $4,000 mark, showcasing the widespread optimism enveloping the crypto space. The GM 30 Index, representing the top 30 cryptocurrencies, has seen a notable increase, further emphasizing the positive market dynamics at play.

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