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$78,000 BTC price support level reclaimed.
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Bitcoin could be entering an unexpected bullish reversal stage.
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This could also create opportunity for altcoin price pumps.
The crypto community rejoices today as the price of the pioneer crypto asset, Bitcoin (BTC), reclaims prices above $78,000. Having reclaimed this bullish price range, analysts are pleased to see the price of BTC moving on an upward trajectory to hit even higher targets. With $78,000 BTC price support level reclaimed, Bitcoin could be entering bullish reversal stage, meaning higher targets ahead.
$78,000 BTC Price Support Level Reclaimed
Over the previous few weeks, the price of Bitcoin (BTC) has been trying to break past a crucial resistance price level and turn it into support. Both bearish and bullish analysts have been expecting this event, wherein the price of BTC would break past this resistance level and turn it into support before experiencing a short pump in prices that could turn the market greedy and pump bullish sentiments.
According to bearish analysts, this pump is seen as a fake pump, a short liquidity gram created by market makers before an inevitable fall towards cycle bottom prices can be formed. In their eyes, BTC is destined to fall the the $40,000, if not lower, to form the bottom formation, before allowing the next bull cycle to begin. This expectation is based on the traditional 4-year bull cycle pattern.
In contrast, bullish analysts believe that this surge is only the beginning of what is expected to become the final bullish pump of the bull cycle. According to these experts, the price of BTC will rise back up to not only reclaim 6-digit prices, but also the previous ATH price range in the $126,000 price region. What’s more, these experts also believe that BTC will go on to set new ATH prices, starting at the $140,000 price range.
Bitcoin Could Be Entering Bullish Reversal Stage
The same bullish experts believe that this will open a window for the long-awaited altseason to finally play out as well. Much like how BTC is expected to hit new ATH prices in the $140,000 price range, most popular altcoins are also expected to set new ATH prices. For instance, experts believe the price of XRP to hit a new ATH of $7 by the month of May. The steady rise in market sentiment is already being reflected on bullish indicators.
At the moment, the price of BTC is trading just under the $78,000 price range, igniting hope for many that the price of Bitcoin is heading into a reversal. This move is further fueling debates about the move, resulting in a bull vs bear trap. According to the CMC Crypto Fear and Greed Index, the score sits at 61, meaning that the crypto market has entered a bullish phase of ‘Greed’.
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