Bitcoin (BTC) managed to stay above $27,000 for the past three days but its 9% loss last week spooked some newbie traders. Glassnode data shows that short-term holders, who acquired Bitcoin less than 155 days ago, have been moving coins to the exchanges at a loss since April 16.
While short-term traders are panicking and focusing on the $25,000 level on the downside, some analysts are turning bullish for the next year. Bloomberg Intelligence analyst Jamie Douglas Coutts expects Bitcoin to reach $50,000 by April 2024.
Daily cryptocurrency market performance. Source: Coin360Another bullish voice was that of Standard Chartered analyst Geoff Kendrick who said that the “crypto winter” may be over. He projected that Bitcoin could skyrocket to $100,000 by end-2024.
What are the important support levels where the latest leg of the correction may attract buyers? Let’s study the charts of Bitcoin and altcoins to find out.
S&P 500 index price analysis
The S&P 500 index (SPX) has pulled back to the 20-day exponential moving average (4,098), indicating that the bears are selling the rallies near 4,200.