The bitcoin price market has “already capitulated”

The market has “already capitulated,” and traders have identified a bullish technical analysis pattern with a breakout target of $41,300. Traders’ struggle to establish lasting positive momentum resumed across the cryptocurrency market on April 20 after prices fell lower during the afternoon trading session, and ApeCoin (APE) appears to be one of the few tokens defying the current market-wide decline.

Bears firmly rejected an early morning attempt by Bitcoin (BTC) bulls to break above $42,000, leading to a fall to a daily low of $40,825 before the price bid up above $41,000.

Glassnode researchers highlighted, similarly to Whalemap, that “a considerable proportion of coin supply has been re-accumulated between $38,000 to $45,000, which is the major price range of the present market consolidation.”

When the data separate into long term holders (LTH) and short term holders (STH), which define by a holding requirement of 155 days, just a few of the STHs who purchased between $50,000 and $60,000 are still holding, “suggesting most ‘top buyers’ have likely already capitulated.

Bitcoin is currently “attempting to recapture this level following the failure of the support/resistance (S/R) switch.”

To support the bullish thesis, Bitcoin must “successfully flip the S/R of the current declining trendline” and “reclaim support up to the green neckline,” completing the inverse head and shoulders configuration.

According to the bearish scenario, a failed retest of $41,300 would result in a “breakout below the bear flag” and “also mean S/R flip rising wedge resistance as support,” according to the bearish scenario. Abnessa sees a “minimum dump target of $35,000” if this occurs.

The total cryptocurrency market cap is currently $1.909 trillion, with Bitcoin commanding 41.1 percent of the market.

Bitcoin price prediction

Asher Tan, CEO of CoinJar, provided a more modest forecast. Tan predicts that BTC will reach a top of $60,000. A minor decrease will follow it to $56,000 by December. The average projection for the end of the year by the panel is slightly higher than the price of BTC at the time of writing. However, it is 15% less than the $76,360 projection in January. Longer-term BTC estimates have started declining since October 2021.

The panel’s pricing forecasts for 2030 have also fallen since October. BTC will be worth $420,240 in December 2030. It is around 25% less than their October prediction of $567,472.

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