Bitcoin Price Analysis: Potential $138K Surge?
Bitcoin (BTC) shows a weekly increase of roughly 1%, reflecting a balanced market. While analysts anticipate a quiet Easter weekend, opinions diverge on Bitcoin's next move.
Bitcoin Price Outlook
Network economist Timothy Peterson cites the US High Yield Index Effective Yield's 8%+ gain. Historically, this has correlated with Bitcoin price increases in 71% of cases within three months, averaging a 31% gain. Based on this, Peterson forecasts Bitcoin to trade between $75,000 and $138,000 within 90 days. However, Bloomberg's Mike McGlone suggests a potential drop towards the 200-week simple moving average (~$46,000).
Key Support and Resistance Levels:
- Support: $78,500, $73,777
- Resistance: $88,098, $95,000, $100,000
Bitcoin currently trades above the 20-day EMA ($83,704) but hasn't broken the 200-day SMA ($88,098). A fall below the 20-day EMA could trigger a drop to $78,500 and potentially $73,777. Conversely, surpassing the 200-day SMA might initiate a rally toward $95,000 and beyond.
Altcoin Analysis: BNB, HYPE, TAO, RNDR
Several altcoins show interesting price action. Their performance could be influenced by Bitcoin's price movements.
BNB Price Analysis:
BNB faces resistance at its downtrend line; however, the moving averages are flattening, and the RSI is near the midpoint, suggesting a balance. Breaking above the downtrend line could push BNB/USDT toward $644, while a fall below $576 might prolong its range-bound trading.
HYPE Price Analysis:
HYPE surpassed the $17.35 resistance on April 19th, but faces selling pressure. Further upward movement could lead to $21 and $25. A fall below $17.35 would target the 20-day EMA ($15.32).
TAO Price Analysis:
TAO broke above moving averages but faces resistance at its downtrend line. Support lies at the 20-day EMA ($249); a bounce could lead to $360. Breaking below the 20-day EMA could drop TAO/USDT to $222.
RNDR Price Analysis:
RNDR broke above the $4.22 resistance, potentially forming a bullish double bottom. A close above this level targets $5.94. Support lies at the 20-day EMA ($3.72); breaking below could lead to $2.50.
Disclaimer: This article does not provide financial advice. Conduct thorough research before making investment decisions.
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