$BTC Predicting 2 Bitcoin price model scenarios in April 2024..
In the context that BTC is still anchored at a high level of around 70,000 USD in recent days and there is no signal of a short-term reversal, ETF funds are still constantly accumulating BTC, Bitcoin (BTC) price in April from a model perspective. What will the price be?
The following are suggestions and predictions from BeInCrypto based on the price data revealed so far.
#first. Scenario 1: Sideways fluctuations and convergence in an isosceles triangle. 🐌🐌
The first scenario proposed is the scenario of an isosceles triangle pattern in the daily frame. This price model is a neutral model, it represents the process of rebalancing between sellers and buyers after a period of time when buyers dominated and established a new peak.🐉
Predict Bitcoin price scenario in April according to the isosceles triangle model. Predict Bitcoin price scenario in April according to the isosceles triangle model.
Regarding the technical description, April's isosceles triangle scenario has initially identified two diagonal trendlines as the basis. The upper trendline is created by two gradually lower peaks and the lower trendline is created by two gradually higher lows. The price convergence area and also the average price area of the sideway range in April is 67,000 USD.
According to this scenario, April will not generate much new price data until the price reaches the end of the triangle and confirms the trend with breakout behavior. This may happen in the second half of April. Depending on the ETF's purchasing power and macro data at that time, price behavior will be affected.
April is also the month that recorded the Bitcoin halving event. History shows that Bitcoin prices often decrease after halving. Therefore, it is likely that the price will sideways and lean towards a bearish scenario.
# still continuing....
