much higher – Bitcoin (BTC) loses $40,000 again. The trend remains bearish in the short term. This trader nevertheless dares to put forward a very optimistic bullish scenario, based on a pattern to which the markets were entitled a few months ago.
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Bitcoin Above $60,000: May History Repeat
Bitcoin price drops to around $39,600 on Bitfinex today, April 14, 2022. Bitcoin trades at $39,923 at the time of writing, and is currently recording a daily loss of 3.25%.
Crypto trader Ed had predicted a test of $40,500 after reclaiming $41,000 yesterday, April 13, 2022. He believed that a successful test would have been followed by a move towards $42,000-$43,000. If the $40,500 is lost, however, bitcoin could fall up to around $38,000.
For trader Michaël van de Poppe, bitcoin must also cross “the $42,000 barrier”, which would then be “a trend break”. Michaël van de Poppe is monitoring “the $40,000 zone” to “check long positions”.
On a longer timescale, bitcoin is seeing a monthly loss of around 12% as we are almost halfway through April 2022. Trader Rekt Capital shared a monthly bitcoin price chart, for show that in September 2021, bitcoin was also rejected by resistance around $47,000.
It also subsequently fell to the support at $41,300. Bitcoin further continued to trade above a diagonal bullish support line at the time.
This diagram would be similar to current fluctuations of the bitcoin price. If bitcoin closes this month of April 2022 above $41,300, “history may repeat itself.” October 2021 had seen a bullish rally that allowed bitcoin to cross $65,000.
Reclaiming the $41,000+ was short-lived so far. Bitcoin may reclaim $40,000 and above in the coming days. According to Rekt Capital, the crucial date would be the end of April 2022. Bitcoin may end the month in the red, but the context would be strongly favorable to bulls as long as the monthly close is above 41 $300.
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