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October 4, 2022
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Analyst expects Bitcoin to reach $ 80,000 in April with post-correction ‘pump’

Have you thought about that possibility?

With the new month, the bulls in the market seem to be coming back. Earlier this week, Bitcoin recorded a 15% turnover, seeing it go up and establish $ 35,000 in support. However, after a long time of moving sideways, there was a $ 38K sales barrier that has since seen digital assets stagnate just below this level. Despite this, there is still great optimism that Bitcoin will soon break its current $ 40,000 high. In fact, a leading analyst believes that the price of BTC will double in early April.

BTC / USD chart by TradingView

It has long been a market trend that, after a long period of consolidation, prices tend to explode. Although the knife is double-edged, prices sometimes fall. Senior Bloomberg analyst Mike McGlone says the worst-case scenario for Bitcoin is now dropping to $ 20,000. This if we witness a collapse of the world market similar to that of March 2020.

Bitcoin at $ 80k

Analyst Lark Davis shared a chart that shows how Bitcoin can quickly reach $ 84,000 in early April. The chart is based on previous setbacks and post-correction pumps.

Before reaching the highs of $ 80,000, Bitcoin will need to exceed its current high and gain great momentum after reaching the psychological level of $ 50,000.

“#Bitcoin could reach $ 84,180 on April 5 based on previous market corrections and post-correction pumps.”

Davis further explains that in 2017, Bitcoin went through 6 corrections, this year there was only one. Despite the 6 corrections, Bitcoin ended the year on a high, exceeding expectations. 2021 will be the same?

His prediction was based on recent activity around Bitcoin, which for the most part was positive. Among the main catalysts is the entry of important institutions in the crypto space and the wide acceptance by influential people and, together, by the traditional media. This has greatly affected prices and will ensure that the current market keeps pace with the 2017 bullish cycle.

“14,298 #bitcoins have been purchased and withdrawn from Coinbase in the past 12 hours. HOLY COW!!! This is an important activity for whales, institutions probably piling up before we go over 40k again. ”

But Bitcoin probably won’t do it alone. Other major cryptocurrencies are also set to explode. Ethereum this week reached a new all-time record after reaching $ 1,700. In the new bullish cycle, investors are looking to reach $ 3,000. Analyst Michaël van de Poppe expects the current bullish cycle to put Ethereum somewhere between $ 10,000 and $ 17,000.

Source: ZyCrypto

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