Bitcoin bulls are poised to win, as the world’s most popular cryptocurrency barely budged in April, hovering around the $29,000 mark throughout the weekend.
After a period of volatility, Bitcoin traded sideways and has not shown any signs of slowing down. This may suggest that the bulls are gaining the upper hand over the bears in the upcoming price action cycle. Popular crypto trader Elizy expects Bitcoin to reach $32,500 as an upside target if it breaks out.
The trader warned that breaking the upward-trending key trend line would make the situation “become really bearish.” Other analysts have also weighed in on the expected trajectory of Bitcoin. One analyst named Moustache also supports this claim by referring to the exponential moving average (EMA) indicator, commenting on Twitter:
The EMA indicator is a type of moving average that is used to smooth out price data and identify trends. The 200-day EMA is a popular EMA indicator that is often used to identify long-term trends. Moustache is suggesting that if Bitcoin can break above the 200-day EMA, it could move up to $32,500.
It is important to note that these are just predictions, and the actual price of Bitcoin could go up, down, or sideways.
“It is difficult to understand why anyone would be bearish on Bitcoin when it has been forming support above the EMA ribbon bands for several weeks. Good luck to those who are betting against Bitcoin.”
The EMA ribbon bands are a technical indicator that is used to identify support and resistance levels. The fact that Bitcoin has been forming support above the EMA ribbon bands for several weeks is a bullish sign. It suggests that there is strong demand for Bitcoin at these levels.
Of course, it is impossible to predict the future of Bitcoin with certainty. However, the current technical indicators suggest that Bitcoin is poised to continue its upward trend.