Bitcoin Bulls Eye $32K Target
BITmarkets Team
May 01, 2023
The bulls of Bitcoin (BTC) are set to triumph, with the globally-renowned cryptocurrency barely moved in April, hovering around the $29,000 mark throughout the weekend.
After some volatility, BTC traded sideways and has shown no signs of cooling down, which may suggest that the bulls may overpower the bears in the coming price action cycle. Once popular crypto trader by the name of Elizy expects Bitcoin to hit $32,500 as an upside target in the event of a breakout.
Yet, the trader highlighted that breaking the upward-trending key trend line would make the situation “become really bearish.” Other analysts have also weighed in on the expect trajectory to be taken by Bitcoin. One analyst by the name of Moustache also supports this claim by referring to the exponential moving average (EMA) indicator, commenting on Twitter:
“Imagine being bearish on BTC even though it has been forming support ABOVE the EMA ribbon bands for several weeks. Good luck bears.”
Sources:
https://coinmarketcap.com/currencies/bitcoin/
https://twitter.com/eliz883/status/1652594420976431105
https://twitter.com/el_crypto_prof/status/1652326771436470272
