After its third-largest weekly capitulation in over a year, the Bitcoin (BTC) price has finally begun to rise. Despite an impending Federal Reserve rate rise, BTC has successfully recovered from the critical support level of $37,500.
With the Bitcoin price being at $39,000, many analysts such as The Wolf of All Streets, Michal van de Poppe, and PlanB are bullish on the trajectory.
In a tweet on May 4, on-chain data company Santiment published historical data revealing a 20% rise as a result of BTC transactions being negative at the same levels from February 16-22. The Bitcoin Ratio of On-Chain Transactions Volume in Profit/Loss statistic for the week is the third greatest capitulation in a year.
The price of Bitcoin (BTC) may climb again, as it did previously. However, due to the Fed’s monetary tightening and current emotions, a roughly 10% increase is expected this time.
Several experts and traders anticipate a price increase in the next days as technicals improve.
Michael van de Poppe believes the price of Bitcoin (BTC) will rise from its present levels. He stated:
“Bitcoin is starting to look a lot better at this point.” The chances of tonight’s event becoming a ‘Sell the Rumor, Buy the News’ event are growing.”
Furthermore, The Wolf Of All Streets, a prominent crypto trader, predicts a price increase when it breaks above the trend line. Indeed, if the BTC price stabilizes above $39,000, a big rise is possible.
According to PlanB, the initial $55K S2F model, which was created in March 2019, appears to be in line with the Bitcoin price trend. He also expects that Bitcoin will rise in value.
In the previous 24 hours, the Bitcoin (BTC) price has rebounded over 5%, settling at $39,000. As whales continue to accumulate during dips, trade volume has increased dramatically. Furthermore, the BTC has successfully avoided a drop below the critical support level. It implies that a rally might occur during the next several days.
Despite the good social atmosphere, individual investors must wait for a concrete confirmation of a bullish trend.
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