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The Bitcoin price prediction reveals that BTC may break out of the current short-term pattern and move toward the $70,000 level.
Bitcoin Halving Event Draws Near
The Bitcoin (BTC) is on the rebound, edging closer to its mid-March record high, all amidst the eagerly awaited April halving event, just around the corner. Marking the second major trend poised to drive Bitcoin’s ascent in 2024, this halving event comes hot on the heels of the January debut of Bitcoin spot price ETFs.
Bitcoin Prediction Statistics Data:
- Bitcoin price now – $69,777
- Bitcoin market cap – $1.3 trillion
- Bitcoin circulating supply – 19.6 million
- Bitcoin total supply – 19.6 million
- Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $81,000, $83,000, $85,000
Support Levels: $60,000, $58,000, $56,000
BTC/USD is currently trading at $69,777 with a 0.81% gain since the beginning of today’s trading. The Bitcoin price may head toward the upper boundary of the channel if the bulls increase the buying pressure. Moreover, for BTC/USD to remain above the 9-day and 21-day moving averages, it could make many traders feel that the $67,000 support level could be pretty strong.
Bitcoin Price Prediction: Would BTC Price Break Higher
The Bitcoin price could not drop much cause of today’s trading, but if the first digital coin breaks below the support level of $67,000, it could change the coin’s direction to face the channel’s lower boundary. Alternatively, Bitcoin (BTC) may reclaim the previous resistance level of $70,000 to head to the upside. If successful, BTC/USD could aim at the resistance levels of $81,000, $83,000, and $85,000 respectively.
Nevertheless, the 9-day moving average may need to stay above the 21-day moving average as the coin consolidates around this level. Nevertheless, if the king coin slides below the lower boundary of the channel, this could mean that there may still be a room that the bears could explore. Therefore, the support levels of $60,000, $58,000, and $56,000 may play out.
BTC/USD Medium-term Trend: Bullish (4H Chart)
From a technical point of view, on the 4-hour chart, the Bitcoin price may spike above the 21-day MA, this may confirm the bullish movement if it touches the nearest resistance level of $72,000. Meanwhile, adding to the above, there is a little bit of bullish divergence as the coin crosses above the 9-day moving average to continue the bullish movement.
However, if the Bitcoin price faces the lower boundary of the channel, the market price could reach support at $66,500 and below. Meanwhile, if the current market value rises and crosses above the upper boundary of the channel, the Bitcoin price could hit the potential resistance level of $73,500 and above.
In the meantime, @TXWestCapital shared with his 37.1k followers on X (formerly Twitter) that #Bitcoin has surged approximately $2600 from this morning’s swing low, which occurred after the CPI data release. Were you rattled out of your position?
#Bitcoin has rallied ~$2600 so far off this morning's swing low which was put in after the CPI data was released. Did you get shaken out? $BTC pic.twitter.com/iu73XCbZiL
— Christopher Inks (@TXWestCapital) April 10, 2024
Bitcoin Alternatives
Should buyers drive the Bitcoin price beyond $70,000, it might indicate an upward trend, whereas a decline below $67,000 could suggest a bearish market within the channel. However, despite Bitcoin’s top-ranked market cap of $1.3 trillion, it might not offer the same growth potential as the newly introduced DOGEVERSE token. DOGEVERSE has already amassed over $1.3 million in its ongoing presale stage, making it a potentially more appealing investment option for investors seeking promising opportunities.
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With over $1.3 million raised in its presale and ongoing investor interest, $DOGEVERSE presents significant potential for growth in the crypto market. By getting in early, you can secure your position and capitalize on the increasing momentum of the token.
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