US tech stocks in the Nasdaq Composite traded down -6.96% for the 1M window ending Apr. 18. But at the time, Bitcoin’s price notched a gain just under 1% for the month’s trades.
That’s after a remarkable 4-day, mid-April bounce back to the $85,000 handle from the first bear test as low as $75,000 since BTC soared past that level last November on its way to $109,000 on Jan. 20th.
BTC Cup and Handle Indicator
Meanwhile, Bitcoin prices on crypto exchanges formed a bullish cup and handle chart pattern on the 1M view. The cup formed over 8 days from Apr. 4 through Apr. 12, with a long 6-day handle through Apr. 18.
24H trade volume peaked at $98 billion on Apr. 7 in the middle of the cup and declined to below $21 billion by Friday, Apr. 18, as in many typical pre-rally markets.
18mo. Support Line for Bitcoin Prices
That bullish cup and handle market signal occurred right around a crucial inflection point for Bitcoin’s price along its long-term trend lines.
MN Capital founder Michaël van de Poppe posted on Wednesday:
“The total market capitalization trend continues to be upwards and is holding a crucial support level for #Crypto.”
The accompanying market chart for BTC displays the downward correction from $109,000 since January, converging with the long-term support trend line for Bitcoin’s price since Q3 2023.
$150,000 BTC by October?
If BTC markets repeat the July through January rally’s performance while staying above long-term support, its price would top $150,000 by October. That target is in line with other analysts’ expectations.
UK mega bank Standard Chartered forecasts $200,000 Bitcoin inside of 2025 and $500,000 by 2029.
Popular stock tips website Motley Fool says $200,000 BTC in 2025 is “fairly probable.”
BlackRock’s Larry Fink says if something really crazy happens in large hedge funds, markets could face $700,000 BTC.
