Bitcoin’s Bull Market Hinges on This Key Price Level—CryptoQuant CEO Spills the Threshold

Forget hopium—here’s the hard number BTC needs to hit. Analysts lean in as volatility shakes out weak hands. And yes, we’ll throw in the obligatory ’institutional adoption’ buzzword to keep the suits happy.

Bitcoin 1W Chart | Miles Deutscher He pointed out that the previous dip merely retraced to a key support area, which aligned with the "Paradise Money Noodle" indicator, a zone that has consistently acted as a foundation for price rebounds over the past two years. Veteran trader Peter Brandt, who had previously advised caution even as Bitcoin broke key resistance levels, has also adjusted his stance in light of the latest rally. Brandt now sees the recovery as a potential continuation of the broader bullish trend. Further, market analytics firm Glassnode reported that April saw strong engagement from first-time Bitcoin buyers. The Relative Strength Index has stayed above 50 this month, briefly reaching 100 the previous week before settling at an elevated level of 80 on April 23.  However, Glassnode also cautioned that Bitcoin still faces resistance ahead. Its Cost Basis Distribution data shows that a substantial number of investors, holding around 392,000 BTC, acquired their holdings near the $97,000 level.  As prices approach this zone, some may choose to exit at break-even, creating potential selling pressure. If Bitcoin breaches this level, it might face minimal resistance on the path to $100,000, which would confirm Ki Young Ju’s change of stance to bullish. Currently, Bitcoin trades for $93,085. https://twitter.com/glassnode/status/1914982591029039311