Bitcoin Weekly News – Bitcoin Weekly Updates (4/10/2023)
It’s been more than 3 weeks that Bitcoin is failing to break the $29,180 resistance. During the last week, it has only moved between a range of $27,500-$28,800. At one point, the price even touched the $27,200 level but the price quickly recovered from there. However, the investors are now getting tired of seeing the same price action for weeks.
But some traders say that the boring price action is an indication of a strong upside move. The following Bitcoin news may give an idea about which direction Bitcoin may take over the coming days.
US Dollar Could Lose Most of Its Value
Larry Lepard, the investment manager of Equity Management Associates (EMA), shared a frightening prediction in a recent interview saying that the US Dollar could lose most of its value within 10 years. He said that the US has shattered the trust of most countries but seizing the $600 billion currency reserves of Russia.
He said that it has sent a scary message to the entire world that the US can ban their reserves if the US government has some problems with their policies or actions. He said that most investors are considering Bitcoin and Gold as alternatives because they aren’t controlled by a centralized authority.
He further added that the average investor will suffer from serious financial issues in the next 10 to 15 years if they haven’t invested in gold and Bitcoin. He also said that bonds and stocks aren’t a reasonable alternative to the US dollar as they may also lose their real purchasing power over time.
Leopard further said that the investors can’t trust the politicians with their money because politicians adjust the rules according to their own preferences which may help them stay in power for a long time. Therefore, the average investor must carefully think about investing their money.
Bitcoin Price Prediction by Ali Martinez
Ali Martinez, a crypto analyst and trader, has shared a chart on his Twitter profile highlighting the relation between Bitcoin and aSOPR (adjusted spent output profit ratio). Martinez mentioned that whenever aSOPR rises above level 1, Bitcoin shows huge price gains. And whenever an aSOPR goes below level 0, it indicates a bear market.
The historic data shows that Bitcoin showed massive growth during 2015, 2019, and 2020. And during these years, the aSOPR was above level 1. In the current situation, aSOPR has again risen above level 1. So, it may be an indication of a strong upside move in Bitcoin. It’s also worth noting that more than 1 million wallets are now holding 1+ BTC.
Bitcoin Weekly News by Michael Van De Poppe
Michael Van De Poppe, a prominent crypto analyst, has shared quite a different opinion compared to the rest of the traders. Most traders are currently expecting a target of $30,000 but they also think that Bitcoin will first go to $25,000-$26,000 levels before hitting the target.
Michael says that he isn’t expecting a drop toward $25,000-$26,000. Instead, he thinks that Bitcoin will first retest the $28,600, and it will eventually reach $30,000 after the breakout. He says that the chart isn’t showing any bearish divergence even on higher timeframes. So, the price may not drop to $25,000.
It’s also worth noting that Bitcoin’s volume has significantly dried up during the past few weeks. So, it’s also a sign that more investors are currently holding their assets with the expectation to reach higher targets.
Bitcoin Weekly Updates by Tone Vays
Tone Vays has a strong community of 120,000+ subscribers on Youtube. He recently shared the Bitcoin analysis with his subscribers saying that the current boring consolidation phase is indicating that Bitcoin is preparing for a strong burst to the upside.
He’s expecting a bullish crossover of the 50-week moving average and the 200-week moving average, aka the golden cross. Vays is expecting a breakout from the current consolidation phase within two weeks.
Bitcoin Weekly Trend
The rising wedge from the previous week’s Bitcoin weekly news is still intact. But Bitcoin has now formed a triangular pattern on a smaller time frame. The problem is that the triangular pattern is close to the lower trendline of the rising wedge. So, if the price broke down from this range, it will show a steep decline for a short time.
But again, the target for the triangle is close to $26,600 which is pretty much similar to the target that was mentioned last week. And most traders are also expecting a retest of this level to open a buy position.
Conclusion
Bitcoin has been in a tight consolidation for more than three weeks. And the consolidation range has got even tighter during the last week. Most analysts are expecting a target of $30,000 from this range but they’re also waiting to retest the $25,000-$26,000 range before this pump.
However, Michale Van De Poppe, a crypto analyst, is confident that the price will hit the $30,000 target without even hitting the $25,000-$26,000 range.
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