According to CryptoQuant, Bitcoin may linger in the low $80,000s if it does not surpass its next resistance level. Meanwhile, other analysts foresee the cryptocurrency achieving a new all-time high within the next couple of months.
In their April 10 market report, CryptoQuant analysts noted that if Bitcoin (BTC) “continues to rally,” it could encounter resistance near the $84,000 mark. However, should it break through this level, it could potentially surge toward the next resistance level of $96,000.
Previous Support Levels Now Acting as Resistance
“These price points served as support during this bull cycle but may now function as resistance if bullish conditions fail to improve,” the report from CryptoQuant stated. “This pattern has been observed in previous bearish cycles.”
At the time of publication, Bitcoin was trading at $79,474, reflecting a 3.5% decline over the past day, according to CoinMarketCap data.
Bitcoin has decreased by 2.24% over the last 30 days. Source: CoinMarketCap
April has proven to be a volatile month for Bitcoin. On April 2, U.S. President Donald Trump escalated global tariffs, inducing fear in the financial markets, before subsequently pausing them for 90 days, which alleviated some of the bearish sentiment.
Bitcoin briefly climbed above $85,000 on April 1, but faced a drop to around $76,000 by April 8 due to the uncertainty surrounding Trump’s tariff strategies.
According to CryptoQuant, prices rebounded “most of the lost ground” on April 9 after Trump announced a 90-day tariffication pause for all countries except China, where tariffs have surged to 145%.
Bitcoin may first encounter resistance at $84,000, followed by the $96,000 region. Source: CryptoQuant
Following Trump’s pause announcement on April 9, both the cryptocurrency and broader financial markets saw a pronounced uptick.
Bitcoin reportedly surged by around 9%, recovering most of its earlier week losses and retesting $83,000. Similarly, the S&P 500 index, which encompasses the 500 largest publicly traded companies in the U.S., closed 9.52% higher, marking its third largest single-day gain since World War II. The Nasdaq 100 experienced a 12.02% increase during the trading day.
Bill Barhydt, CEO of Abra Global, shared in an April 10 post on X that it might only take a few months for Bitcoin to surpass its all-time high of $109,000 set in January by nearly 29%.
“Bitcoin is a leveraged bet on tech stocks, and everything is trending upward,” Barhydt noted, predicting that Bitcoin could reach prices between $130,000 and $140,000 by the end of June.
Related: Analyst: Bitcoin ‘significantly de-risked here’ as nearly 80% of cyclical price correction is completed
He attributed this potential surge to the “very significant increase in global money supply,” supporting his belief that Bitcoin could achieve much higher levels by “mid-summer at the latest.”
This perspective resonates with Real Vision’s chief crypto analyst, Jamie Coutts, who informed Cointelegraph last month that “the market may be underestimating how quickly Bitcoin could skyrocket—possibly reaching new all-time highs before the end of Q2.”
However, based on CryptoQuant’s Bull Score Index, Bitcoin is currently in one of its least bullish phases since November 2022.
CryptoQuant highlighted that among the ten bullish signals it tracks in its Bull Score Index, only one remains active while Bitcoin trades above its 365-day moving average.
They suggested that market participants must wait and observe whether the bullish signals “reactivate” in the upcoming weeks, following Trump’s recent decision to suspend his tariffs.
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This article does not provide investment advice or recommendations. Every investment and trading decision carries risk, and readers are encouraged to conduct their own research prior to making decisions.
