- Bitcoin price is on track to post a massive recovery as accumulation by large wallet investors is on the rise.
- Bitcoin price held steady above $40,000 through Easter, and analysts believe the risk of capitulation is lower.
- Analysts have predicted a rally in Bitcoin price as it sustains above $40,000 and eyes a $47,000 target.
Bitcoin price rally could soon wipe losses of investors over the past two weeks. Analysts evaluate the Bitcoin price trend and set a bullish target at $47,000.
Bitcoin price recovery could occur on one condition
Bitcoin’s high correlation with tech stocks and S&P 500 has been one of the key reasons for the recent pullback in price. Interestingly, proponents believe Bitcoin price is now in a position to recover from its drop in price, as large wallet investors buy the asset.
Whales have started accumulating Bitcoin, through the recent dip. As large wallet investors add more Bitcoin to their portfolio, the assets supply on exchanges reduces. At the same time, there is a reduction in the circulating supply of Bitcoin. An increased demand for Bitcoin and massive exchange outflows are the two main reasons for the price rally.
Bitcoin price managed to remain stable above support at $47,000 through Easter, and analysts have concluded that the risk of capitulation in BTC is now lower.
@KevinSvenson_, a crypto analyst and trader, has a long-term bullish perspective on Bitcoin price. Svenson shared his outlook in a tweet.
FXStreet analysts have identified hurdles on Bitcoin’s path to $50,000. Analysts identified the bullish crossover between the 50-day and 100-day moving averages that could fuel the Bitcoin price rally.
Analysts believe the upside for Bitcoin price is capped, and the price tried moving above it at $43,516 and failed.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.