Although it has started to fall again in recent weeks, Bitcoin remains largely bullish. Could it already soar towards a new price record despite the correction that is underway? The point in this BTC analysis from Friday April 5, 2024.
It is Friday April 5, 2024 and the price of Bitcoin (BTC) is trading around $67,300.
After reaching a new price record at $73,800 already 3 weeks ago, BTC has finally entered a correction phase.
However, will the month of April be conducive to a new rise in cryptocurrency? Let’s first take stock of its progress.
Bitcoin returns to negative on the monthly
For the first time since the start of the year, BTC is back in the red on the monthly scale with a drop of 0.7% in 30 days.
| Pairs with Bitcoin | 24 hours | 7 days | 1 month |
| Bitcoin/USDT | +0.08% | -4.40% | -0.7% |
| ETH/Bitcoin | -2.86% | -7.94% | +27.19% |
The dominance of BTC against altcoins goes back to 54.54% while ETH/BTC fell 7.94% over the week.
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Buy cryptos on eToroBTC consolidates before setting off to conquer $85,000?
We see it on this 4-hour chart, the price evolves inside a compression triangle.
In general, and this is even more true in Bull Run, this structure ends up breaking at the top. In this configuration, this would give a target of around $84,200.
Bitcoin price graph in h4 (4 hours)
But we will first have to break this triangle from the top, of which we do not yet know very well whether the lower part has been reached around $64,400 or whether it will go even lower, on the 2nd trendline around 63,000. $.
One certainty is that Bitcoin remains largely bullish despite this lateralization of its price. It makes higher and higher lows and could therefore achieve a breakout from the top of this triangle in the coming days.
The height of this pattern at its entry, carried forward to its breakout, would give a target of $84,200. On the other hand, if it were to break below, then there would be a good chance that a return to $52,000 would occur quickly.
There is, however, no real bearish signal as long as the price remains above around $63,000.
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Cryptoast Research: Don’t waste this bull run, surround yourself with expertsIn summary, Bitcoin remains bullish on the bottom and could end up starting to rise again towards $85,000 if it manages to break its consolidation triangle.
So do you think BTC can already set a new price record? Don’t hesitate to give us your opinion in the comments.
Have a nice day and we’ll see you next week for a new analysis of Bitcoin (BTC).
Source: BTC/USD chart by TradingView
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Passionate about cryptocurrencies since 2017 and fervent defender of knowledge sharing, I am a YouTuber, crypto analyst and regular trader. Every week, my role is to make you aware of technical analysis by giving you my point of view on the evolution of the price of Bitcoin and Ether, using my favorite indicators such as Ichimoku as well as Chartist patterns.
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