Home Price Analysis Bitcoin (BTC) adds 7% week-to-date as bulls aim for $8,000

Bitcoin (BTC) adds 7% week-to-date as bulls aim for $8,000

It is 19 days to Bitcoin halving and price is “jumpy”, quite literally.

Temporarily, on April 23, prices shot to as high as $7,800 before retracing to spot levels at the back of investor excitement around the scheduled event.

Excitement around Bitcoin Halving

True, there is more. If past prices guides, then ahead of halving, asset prices may rally.

This is a boon not only for investors but traders who are angling to clip any form of price volatility and profit after a depressing H2 2019 which mirrored the capitulation of 2018. Then, it was two years after halving when prices soared to an all-time high of around $20,000.

Speculation is that BTC is currently under-valued and future projections paint better prices that’s several folds of 2017 peaks.

But not to get excited of the future, it is imperative that risk-averse traders use real data, not analysts’ forecasts and emotion, to make a trading decision.

Institutions not Fazed, add to their Longs

Data from GlassNode reveal that institutional grade investors are indeed ramping up their BTC holdings.

In a report, they said users have been adding to their longs since March 2020 despite price dips that literally halved the price of Bitcoin.

“Bitcoin HODLer Net Position Change has been growing daily since the end of March and is now hitting yearly highs. Long term investors are increasing their positions – and they’re accumulating more BTC each day.”

This is also syncs with reports that Americans who have received their stimulus checks are sinking them back to Bitcoin and other valuable cryptocurrencies as Coinbase noted block buys of exactly $1,200.

BTC/USD Price Analysis

BTC Bitcoin price analysis

Week-to-date, Bitcoin is up seven percent after prices rose six percent in the last day.

With support at $6,500 and buyers confirming the double-bar bull reversal pattern of April 15-16, the path of least resistance seems to be up.

Already, thanks to yesterday’s gains, prices have now closed above April 6 high—a bull bar where price action has been consolidating for the better part of April, meaning the trend has been set. Behind this are decent trading volumes and higher highs above the 20-day moving average as bulls are inclined to reverse steep losses of Black Thursday.

In line with this, the best cause of action for aggressive traders will be to buy the dips and aim for the first target at the $7,900-$8,000 zone. Fitting stop loss will be around the $6,500-700 zone.


Disclaimer: This is not investment advice. Opinions expressed here are those of the author and not the view of the publication.

Dalmas Ngetich
Dalmas Ngetich
Dalmas is a very active cryptocurrency content creator and a highly regarded technical analyst. He has worked in various media as an analyst. He is passionate about blockchain technology, the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through writing about his knowledge and analysis of coin price charts.
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