Bitcoin price is aiming for a breakout, with the crucial level identified as $85,700. A daily close above this level could push Bitcoin towards $87,000. Analysts predict bullish momentum, with potential price targets of $137,000 and $144,000. However, global economic factors present risks that could affect these outcomes.
Analyst Titan of Crypto predicts a potential breakout for Bitcoin, emphasising the significance of the $85,700 level. He suggests that if Bitcoin maintains a daily close above this threshold, it could lead to a bullish movement towards $87,000 due to a completed RSI bullish divergence and two key target achievements.
Furthermore, Titan of Crypto mentions a bullish crossover in the Moving Average Convergence Divergence (MACD) on the 3-day chart, indicating a probable shift in momentum towards a breakout. He has previously forecasted that Bitcoin could reach a remarkable $137,000 by mid-year given the formation of a bullish pennant on the daily chart.
Colin, another crypto analyst, concurs with a positive Bitcoin price outlook, attributing it to the global M2 money supply increase. He anticipates a breakout starting in May, potentially propelling Bitcoin to a new all-time high of $144,000.
Additionally, Mikybull Crypto points out a significant rejection in USDT dominance which augurs well for Bitcoin’s prospects. He speculates that Bitcoin might even escalate to $99,000 as it stabilises, advising traders to monitor daily trend reversals closely.
However, macroeconomic conditions pose potential risks to Bitcoin’s upward trajectory. After peaking at $86,000 on April 15, BTC experienced a downturn triggered by news of impending EU tariffs on US imports and the risk of US tariffs on China, dampening market enthusiasm.
As of now, Bitcoin’s price stands at approximately $83,600, marking a decline of over 2% within the last 24 hours, according to CoinMarketCap data.
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