After its third-largest weekly fall in over a year, the Bitcoin (BTC) price has finally begun to rise. BTC’s price has effectively rebounded from the critical support level of $37,500, despite an impending Federal Reserve rate hike.
Various experts, like The Wolf of All Streets, Michael van de Poppe, and PlanB, are positive about the bullish trend, with the Bitcoin price currently holding above $39,000.
Bitcoin (BTC) Price Rises Over $39,000 Amid Accumulation
In a tweet on May 4, on-chain data provider Santiment posted historical data showing a 20% rally as a result of BTC transactions is negative at the same levels between February 16 and 22. The week’s Bitcoin Ratio of On-Chain Transactions Volume in Profit/Loss statistic is the third-largest capitulation in a year.
The price of Bitcoin (BTC) may climb again, as it did previously. However, due to Fed monetary tightening and current sentiments, a nearly 10% increase is expected this time.
As technicals improve, several analysts and traders forecast a price rise in the upcoming days.
Michael van de Poppe predicts that the price of Bitcoin (BTC) will rise from current levels. He said:
“Bitcoin starts to look way better at this stage. Odds that the event tonight is a ‘Sell the rumour, Buy the News’ event are increasing.”
A popular crypto trader, The Wolf Of All Streets, predicts a rebound in Bitcoin price as it breaks above the trend line. In fact, a big rise could be anticipated if the BTC price stabilizes over $39,000.
According to PlanB, the original $55K S2F model, which was released in March 2019, appears to be trailing the Bitcoin price trend. He also expects an upward movement in Bitcoin.
Bitcoin Anticipates Bullish Indication
The Bitcoin (BTC) price has regained nearly 5% in the last 24 hours, stabilizing near $39,000. There is a huge increase in trading volume as whales continue to acquire at dips. Moreover, the BTC has avoided a drop below the critical support level. It suggests that a rally could happen in the next few days.
Despite the good social sentiment, retail investors must wait for a definitive indication of a bullish trend.