A bullish technical pattern has been identified with a breakout target near the $41,300 mark. Analysts noted a loss of downside momentum on Bitcoin’s daily chart. This is likely to keep short-term buyers active. However, the afternoon trading on April 20 saw the top crypto’s price slip lower.
At the time of writing this article, Bitcoin was trading at $41,527. BTC’s price has been up by 0.28% in the last 24-hours. The world’s most-loved cryptocurrency was holding onto the $41,500 mark after a three-day price increase of nearly $3,000. Crypto analysts highlighted that Bitcoin was benefiting from optimism that a spot Bitcoin exchange-traded fund (ETF) might get the go-ahead from the US Securities and Exchange Commission.
Ali Martinez, a crypto trading expert, believes that Bitcoin is on pace to revisit $45,000. It could also reach $50,000 in the near future. Martinez had earlier pointed out BTC trades at the lower boundary of a parallel channel. It must break the $40,800 mark for a chance to rise to $45,000 or even the $50,000 level. The expert says Bitcoin closing below $39,400 can invalidate the bullish thesis and result in a drop to $30,000.
Michael van de Poppe, a crypto analyst, said Bitcoin is trending upwards. He expects it to continue moving higher for at least a week or two. The analyst said that the crucial area to hold up to is that zone around $40,500. If this level is lost, Bitcoin could slip to $39,300. This could be followed by a short-term bounce to maybe $40,500. BTC could go touch the lows of $37,000.