A cryptocurrency analyst known under the nickname Stockmoney Lizards analyzed the dynamics of the flagship crypto asset. In his opinion, the monthly chart of the asset looks promising and indicates potential for further growth. The expert’s assumptions are supported by the RSI readings, the signal line of which has consolidated above the 50 level.
The specialist believes that the current situation in the market is very reminiscent of the period from 2017 to 2020, when a stable upward trend began to form. Stockmoney Lizards believes that Bitcoin can reach the key level of $47 thousand in the near future.
Another well-known analyst, Michael van de Poppe, shares a similar position. According to experts, buyers are still in control. If Bitcoin quotes remain above $25 thousand for some time, then you can count on potential growth up to the level of $40 thousand.
As of April 4 at 21:00 Moscow time, Bitcoin remains above the $28.1 thousand area. The current capitalization of the coin is $545.2 billion. As for trading volumes, over the past day they increased by 7.15% and reached the level of $18. 3 billion. The Bitcoin dominance index is now 47.25%.
In turn, representatives of the Derebit platform informed that open interest in Bitcoin derivatives continues to grow steadily. By March 23, this figure reached 433 thousand contracts. Experts emphasized that most of the positions are open for purchases, as investors continue to believe in the potential of the flagship of the crypto market.
And there really are reasons for this, given the fact that since the beginning of this year, Bitcoin has increased in value by about 69%. Quotes are consistently above $28 thousand. This suggests that the bulls are still dominant in market conditions.