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04 May 2022

Here’s why the price of Bitcoin is expected to rise by 10% soon

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.

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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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