Bitcoin is showing some seriously bullish signs, but there are also potential downsides to consider. Let’s break it down.
A SuperTrend Buy Signal…For Over a Year!
Analyst Tony Severino points out that Bitcoin has been in a “buy” signal according to the SuperTrend weekly indicator for an incredible 114 weeks (around 800 days!). This is a major positive, especially with Bitcoin aiming for $90,000 and beyond.
But a Sell Signal Could Mean Trouble
However, Severino warns that a “sell” signal would be a major red flag, potentially ending the bull run and sending Bitcoin into a sharp decline, possibly as low as $22,000. This would represent a significant bear market peak.
Conflicting Predictions: Bull or Bear?
While Severino highlights the risk, other analysts like PlanB remain bullish. PlanB predicts Bitcoin could double in price this year, potentially reaching $180,000! Even Standard Chartered has predicted a potential price of $200,000.
The Trump Tariff Factor
A significant wildcard is the impact of Donald Trump’s new tariffs, effective April 2nd. Previous tariffs triggered a sell-off, dropping Bitcoin to $77,000. However, it’s possible the market has already priced this in.
A New All-Time High in 2024?
Analyst Titan of Crypto is also optimistic, believing Bitcoin could hit a new all-time high (ATH) this year, potentially reaching $121,000. He cites Bitcoin’s strong reaction around the 50-day EMA and a “Bump and Run” pattern as reasons for his prediction. He even calls the upcoming price increase “epic”. Adding to the positive sentiment, whales are accumulating Bitcoin, with over 22,000 coins withdrawn from exchanges last week.
Current Price and Conclusion
At the time of writing, Bitcoin is trading around $87,500. While the long-term buy signal is encouraging, the potential impact of the Trump tariffs and the possibility of a sudden sell-off remain significant factors to watch. The coming weeks will be crucial in determining whether Bitcoin continues its bullish trend or experiences a downturn.
