Loma: Bitcoin will break through the $28,000 resistance level

Loma, a cryptocurrency analyst with more than 280,000 followers, said he believes Bitcoin will eventually break through resistance around $28,800.

However, it is important to note that a breakout may take time, and BTC may test the patience of Bitcoin bulls.

“Ideally, if this consolidation continues to the upside, we will no longer have the opportunity to do spot buying around the $26,500 to $25,500 level.

The most likely scenario is getting sandwiched between daily highs/daily lows before moving higher.

• If there is no position opened, open a position through range trading.

• If you are already in, this should be a test of patience more than anything else. ”

Loma’s chart shows that he appears to be predicting a Bitcoin breakout before the end of April, leading to a strong rally for BTC to his target of $38,000, with BTC trading at $28,487 at the time of writing.

As for Litecoin, he believes that LTC is preparing to rally to the key psychological resistance level of $100. According to Loma, Litecoin’s reaction at the $100 price level will determine whether LTC will rally to his target of $140.

“Will be curious to see a reaction at psychological + technical resistance near $100. Any strength above this will quickly fall to $130-140 in my opinion. Binance-CFTC [Commodity Futures Trading Commission] low is a good yardstick for defining risk.” At the time of writing, LTC is worth $87.54.

A prominent cryptocurrency analytics platform says an indicator could be a signal of Bitcoin’s (BTC) next big rally amid a surge in whale transactions involving the king of cryptocurrencies.

Santiment: Stablecoin indicators show that BTC has the potential to rise sharply

Cryptocurrency data firm Santiment says traders should keep a close eye on the market capitalization of stablecoins such as Tether (USDT), USD Coin (USD Coin), Binance USD (BUSD), Pax Dollar (USPD) and Dai (DAI).

Santiment said the combined purchasing power of the top five stablecoins is $126.31 billion, more than double its value in March 2021, and Bitcoin's continued rise may depend on the growth of the top five stablecoins by market value.

"With a great first quarter coming to an end, the cryptocurrency market is recovering, with the combined purchasing power of USDT, USDC, BUSD, DAI and USDP at $126.3 billion. This week's decline has gradually narrowed. An increase would indicate a greatly increased probability of Bitcoin rising."

However, Santiment also issued some warnings for Bitcoin holders. The analysis firm said that the five largest Bitcoin transactions in 2023 all occurred in March, indicating that large BTC holders may begin to take profits.

"Based on the very large transactions that occurred in March, and the continued decline (by percentage) and gradual reduction (by total number of addresses) of the 10-10,000 BTC address tier, it does look like there are some warning signs to be wary of if you want to see Bitcoin surge to $35,000 or more...

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Alex Krüger: Bitcoin plays a new role

Alex Krüger, a well-known economist and crypto analyst with 150,000 followers, said that Bitcoin (BTC) as an asset now plays a different role in investors' portfolios than in the past. BTC will not make anyone rich like it did ten years ago, but now it is becoming an effective way to preserve wealth and store value .

“People should no longer buy Bitcoin to get rich. That ship has sailed. Bitcoin is now used for wealth preservation, attractive risk-adjusted returns, trading, and hedging against fiat systems.”

However, the trader also said that the possibility of Bitcoin rising 10 times from its lows remains, which would mean a price around $150,000 at the top of the next bull run peak .

Krüger recently listed eight reasons why BTC’s current market structure could see a bullish reversal:

- Months of consolidation

-Momentum indicators turn around

-The bottom has the largest historical volume

- Higher lows on very high volume

- Engulfing candle on higher volume

-Bounce off 200 DMA

- The top of the range coincides with the 200WMA

-Short bag volume above.

At the time of writing, Bitcoin is trading at $28,307.

Justin Bennet: Ethereum breaks through $2,000, strong short squeeze

Justin Bennet, a well-known trader with 100,000 followers, said Ethereum ( ETH ) may be preparing for a rebound to liquidate bearish traders .

He said the S&P 500 (SPX) rebound on Friday could hint at the short-term performance of the crypto market. Cryptocurrencies tend to follow the footsteps of the stock market, but there appears to be a lag between the two asset classes. Bennett added that if cryptocurrencies take cues from stocks, he believes Ethereum will encounter resistance at $1,840.

Bennett said Ethereum’s breakout could trigger a short squeeze, with “significant” short liquidations above ETH’s $2,000 price level. A short squeeze occurs when traders who are heavily short an asset decide to cut their losses in response to an unexpected price rally, squeezing and then triggering additional rallies.

“This could be quite telling as the crypto loves to target these areas and $2,030 is the August 2022 high. More long liquidations below current levels but distance is important so short liquidations up to $2,000 could impact ETH in the near term.”

However, Bennett said the clock is ticking for crypto and Ethereum. According to the trader, an Ethereum short squeeze will definitely happen in the coming days. Otherwise, he said the rally may not materialize at all.

“But I’d like to see crypto ‘catch up’ to the stock market sooner rather than later, if that’s going to happen. If we don’t see ETH unwind these shorts in the next few days, then that’s unlikely to happen.”

At the time of writing, Ethereum is trading at $1,818.

Altcoin Sherpa: Two Altcoins to Watch

Altcoin Sherpa, a well-known trader with 190,000 followers, said that Bitcoin may pull back and the $25,000 level may not hold, but Bitcoin bulls would be better off waiting to buy on dips when BTC falls below $24,000. At the time of writing, Bitcoin is trading sideways this week at $28,571.

Additionally, Altcoin Sherpa focuses on two altcoins, AVAX and FTM .

Altcoin Sherpa suggests AVAX could be ready to break out of $22 resistance and enter a new trading range with a top price of $30.

" AVAX : The resistance on this one looks strong and I think it will have another leg up soon. The 200 day EMA is acting as resistance initially (as it normally would) but I think it will move strongly above $22 soon."

At the time of writing, AVAX is worth $17.22.

Altcoin Sherpa also keeps an eye on Fantom ( FTM ), which is currently up 135% since the beginning of the year.

Analysts say FTM may be gearing up for a new rally.

“ FTM : Still looks pretty good overall. I think it’s forming some kind of low and will move higher again.”

The chart shows that the next resistance level for FTM appears to be at $0.60, and at the time of writing, FTM is trading at $0.43.

Rekt Capital: Bitcoin is about to make history and achieve a key upward breakthrough

Rekt, a well-known trader with 340,000 followers, said BTC is entering above key macro downside resistance in April, a trendline that has kept Bitcoin bearish since it hit an all-time high in November 2022.

"Tomorrow, BTC's monthly candle will close above the macro downtrend to confirm a new bull run. BTC is at a critical juncture in making history."

Rekt also said that BTC’s breakout occurred exactly 396 days before Bitcoin’s halving, which is scheduled for April next year. He added that in 2019, Bitcoin also broke out 396 days before its 2020 halving.

" BTC tends to break its macro downtrend about a year before the upcoming halving, and this one is no exception "

Another factor working in Bitcoin’s favor, he said, is that a quarterly bullish engulfing candle just closed for BTC . A bullish engulfing candle is when a green candle completely overlaps the previous red candle in both its open and close prices.

“BTC is on the verge of confirming its first quarterly bullish engulfing candle since early 2020. Historically, quarterly bullish engulfing candles have preceded multi-quarter gains.”

At the time of writing, Bitcoin is trading at $28,409.