Bitcoin

April

when

Rekt

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) briefly reached $63,000 prior to the Wall Street open on April 18.</li>
 <li>Despite a recent downturn, some traders remain cautiously optimistic about BTC’s potential for growth.</li>
</ul>
<p>Bitcoin, the world’s leading cryptocurrency, saw a slight upward trend as it momentarily hit $63,000 before the Wall Street trading session opened on April 18.</p>
<h2 id="bitcoin-s-market-performance">Bitcoin’s Market Performance</h2>
<p>The value of Bitcoin rose by 5.5% compared to the previous day’s low, reaching a peak of $63,095 on Bitstamp. The cryptocurrency had dipped to $59,700, its lowest since early March.</p>
<p>While some market predictions indicated a need to clear liquidity at $57,000 or even lower, others saw room for cautious optimism. Rekt Capital, a well-known trader and analyst, suggested that Bitcoin was in a “re-accumulation range” with corresponding price behavior.</p>
<h2 id="analysts-predictions">Analysts’ Predictions</h2>
<p>Rekt Capital noted that Bitcoin’s price action at several points, starting from the 2022 bear market’s lowest point, showed a pattern of local lows followed by significant, enduring gains.</p>
<p>Another trader, Jelle, pointed to on-chain signals for potential future growth. He highlighted that Bitcoin had just tested the 3-day RSI 50 level and the 3d 33EMA, predicting that this could lead to higher prices, similar to what happened earlier this year when Bitcoin was at $38,000.</p>
<p>Despite the recent downturn, Michaël van de Poppe, founder and CEO of MNTrading, suggested that sideways Bitcoin price movements could continue even after the upcoming block subsidy halving. He also expressed belief that the worst of the altcoin market correction may be over.</p>
<p>Van de Poppe identified the areas around $52,000 and $45,000 as potential targets if a deeper correction occurs. The total altcoin market cap was $256.7 billion at the time of writing, up nearly 17% from two-month lows seen on April 13 but still struggling to overcome a strong downtrend.</p>

Altcoins Rally: Has Cryptocurrency Bottomed Out? Bitcoin Jumps 5% from $59.7K Dip

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