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Date:
22nd Apr 2021
Author:
Dalmas Ngetich, for CryptoAltum News Team

Bitcoin Bottomed When Prices Fell to $53.3k, The Only Way is Up

Willy Woo--an on-chain analyst and Bitcoin believer, is convinced prices bottomed on Apr 18 when BTCUSD sunk to $53.3k. In a wave of bear projections from technical traders, he attached various snapshots explaining his reasons why BTCUSD found support at $1 trillion—or around $54k. Bulls are readying for the next wave up towards all-time highs registered early this month.


Details: 

Bitcoin permabulls expect prices to reach six digits by the end of the year. The chorus also includes established analysts representing various global banks who predict the coin to glide to all-time highs in the next few months. Already, Bitcoin continues to flow from exchanges as their reserves keep getting depleted. Meanwhile, coins are shifting to known HODLers, creating a supply shock that would reprice BTC even higher.


Impact on BTC Prices: 

Bullish. A combination of favorable on-chain data and solid fundamentals could see BTC/USD bulls flow back, thrusting prices above key resistance levels towards $100k.


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