Bitcoin Price Analysis: $90K Target Set Amid Support Concerns

Bitcoin’s price has fluctuated around $83,000, with analysts forecasting a short-term target of $90,000. Concerns are raised about the safety of existing support levels, while traders anticipate a potential movement within the range of $83,000 to $86,000 over the Easter weekend and suggest observing market trends moving forward. Additionally, Bitcoin appears to have broken out of its downtrend, confirming a shift to a bullish pattern.

Bitcoin (BTCUSD) has recently shown volatility, touching a three-day low as of April 20, while analysts caution that the support level may not be secure. Reports indicate that Bitcoin dropped by 1.5%, settling around $83,974 for the day before experiencing a brief rebound. Despite a decline over the week, Bitcoin displayed less volatility during the weekend, with concerns rising regarding the robustness of the $83,000 support level.

Mark Cullen, a recognised analyst, expressed scepticism towards the $83,000 mark, indicating that a liquidity call at $90,000 is anticipated. He highlighted on social media that there are expectations for a run below the recent lows observed on Sunday and Wednesday before further upward movement. Cullen predicted a potential short-term price surge within the range of $83,000 to $86,000 throughout the Easter holiday weekend.

Trader Daan Crypto Trades remarked on the likelihood of a slow market over the long weekend but anticipated an exciting week ahead, as any headlines could trigger significant market movements due to compressed chart activity. An analysis included a chart depicting Bitcoin’s price action correlated with recent CME Group Bitcoin futures closings, suggesting a potential for a “gap” which could act as a short-term price draw.

Trader Roman highlighted a bullish inverse head and shoulders pattern, indicating a return to multimonth lows could present trading opportunities, contingent on decreasing volume towards $76,000. Rekt Capital, another analyst, affirmed that Bitcoin has successfully broken away from its multimonth downtrend, having retested it as support, signalling a positive trend change.

It is important to note that this article does not provide investment advice. All trading activities involve risks, and individuals should conduct thorough research before making trading decisions.