The Bitcoin (BTC) price has finally begun an upside move after its third-largest weekly capitulation in over a year. Despite an upcoming Federal Reserve rate hike, BTC’s price has successfully rebounded from the crucial support level of $37,500.
With the Bitcoin price currently holding above the $39,000 level, various experts such as The Wolf of All Streets, Michaël van de Poppe, and PlanB are positive on the bullish trend.
Bitcoin (BTC) Price Surges Above $39,000 Amid Accumulation
On-chain data provider Santiment shared historical data in a טוויט on May 4 indicating a 20% rally as a result of BTC transactions is negative at the same levels between February 16-22. Bitcoin Ratio of On-Chain Transactions Volume in Profit/Loss metric in the week is the 3rd largest capitulation over a year period.
Bitcoin (BTC) price could rise similar to the last time. However, a nearly 10% rise is speculated this time due to Fed monetary tightening and current sentiments.
Several analysts and traders expect a price rise in the upcoming days as technicals turn positive.
מיכאל פון דע פּאָפּע believes the Bitcoin (BTC) price will increase from current levels. He said:
"ביטקאָין סטאַרץ צו קוקן בעסער אין דעם בינע. שאַנסן אַז די געשעעניש הייַנט בייַ נאַכט איז אַ 'פאַרקויפן די קלאַנג, קויפן די נייַעס' געשעעניש זענען ינקריסינג.
אין דערצו, דער וואלף פון אלע גאסן, a popular crypto trader, anticipates a rally in Bitcoin price as it breaks above the trend line. In fact, if the BTC price stabilizes above $39,000, a massive rally could be seen.
PlanB says the original $55K S2F model that was made in March 2019 seems to be matching with the Bitcoin price trend. He also predicts an upward movement in Bitcoin.
BTC Price Awaits Bullish Confirmation
In the last 24 hours, the Bitcoin (BTC) price has recovered nearly 5%, קאַנסאַלאַדייטינג near the $39,000 level. The trading volume has jumped significantly as whales continue to accumulate at dips. Moreover, the BTC has successfully prevented a fall below the crucial support level. It means a rally could be seen in a few days.
Despite the social sentiment being positive, retail investors must wait until a clear confirmation of a bullish trend.
די דערלאנגט אינהאַלט קען אַרייַננעמען די פערזענלעכע מיינונג פון די מחבר און איז אונטערטעניק צו די מאַרק צושטאַנד. טאָן דיין מאַרק פאָרשונג איידער ינוועסטינג אין קריפּטאָקוררענסי. דער מחבר אָדער די ויסגאַבע איז ניט פאַראַנטוואָרטלעך פֿאַר דיין פערזענלעכע פינאַנציעל אָנווער.
Source: https://coingape.com/bitcoin-btc-price-10-jump-soon/