Traders say Bitcoin holding the $85,000 level is bullish, and charts suggest BNB, HYPE, TAO and RNDR could be the first altcoins to follow a BTC price breakout.
Bitcoin (BTC) has risen roughly 1% for the week, indicating a balance between supply and demand. Analysts expect a quiet easter weekend but are divided about the next directional move in Bitcoin.
Network economist Timothy Peterson said that the US High Yield Index Effective Yield has gained over 8%. There have been 38 such instances since 2010, and Bitcoin has risen 71% of the time three months later. Bitcoin recorded a median gain of 31% and the worst loss of -16%. Based on historical data, Peterson anticipates Bitcoin to trade between $75,000 and $138,000 within 90 days.
Not everyone shares a bullish view. Bloomberg’s Senior Commodity Strategist Mike McGlone said in a post on X that Bitcoin and the S&P 500 Index may drop toward their respective 200-week simple moving average, which historically acts as a floor during major corrections. Bitcoin’s 200-week SMA is close to $46,000.
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