- Peter Brandt projected a likely short -term correction from BTC to $ 76k.
- But Coinbase and other analysts expected an extensive rebound in the midst of renewed accumulation.
Bitcoin[BTC] Last week 6% collected and recently recovered $ 85k; However, the next step of the cryptocurrency has kept bulls and bears equal divided.
According to the renowned trader Peter Brandt, the rebound of BTC could be an setup for an extra ‘corrective’ phase.
“The rise of the LOS points of April looks more corrective than impulsive.”
Source: BTC/USDT, TradingView
His argument was based on BTCs Beerarish rising Wedge on the 4-hour graph. The pattern can drag BTC to the $ 76k level if validated.
Yet not all analysts were Bearish.
BTC in a ‘purchase zone’?
Coinbase analysts noted that the value of BTC was ‘honest’ and a ‘buying option’, stating renewed interest from holders in the long term (LTH). In their weekly market reportsaid the analysts,
“Although accumulation by LTH is not necessarily an indication of an imminent price jump, we think it suggests that a growing segment of buyers of” real value “sees the current BTC prize levels as a purchase option.”
Source: Glassnode
Here it is worth noting that the LTH cohort has been important sellers (red) since the end of December, when BTC rose above $ 100k. Whether the LTH Sentiment Shift will stimulate the recovery of BTC is still to be seen.
For his part, StockMoney -Heldissen marked The parable between the current price action and last year’s accumulation phase. He said that a decisive movement above $ 85k could mark the next leg.
“72K-74K is our personal maximum pain retaining goal. When we break this trend line with conviction? That is not just a pump-it is possible the start of the next leg up.”
Source: X
A similar sentiment was reflected by another analyst, Michael van de Poppe. Doll noted That the Bullish RSI divergence was a reinforcement signal for BTC. He added that BTC could rise higher if it applies above $ 80k.
In the meantime, there were three key levels to view in the short term – $ 86k, $ 84k and $ 82.7k. Coinglass’ Liquidation Heat Map on the 48-hour graph marked the above levels as important liquidity pools that can act as price magnets.
Source: Coinglass