Bitcoin Price Predicted to Hit $86,000 in April Anticipating Ascending Triangle Breakout

Key Takeaways

• Zidanic predicts Bitcoin could hit $86,000 in April.
• Ascending triangle suggests potential breakout.
• Halving event fuels market optimism.

Amidst a period of relative stability, with Bitcoin‘s value oscillating between $68,000 and $71,000, a fresh wave of optimism has emerged among crypto analysts. The spotlight falls on Adrian Zidanic, a notable figure within the Crypt BB analyst group, who, in a recent appearance on the “Thinking Crypto” podcast, forecasted a bullish target for Bitcoin. 

Drawing from the formation of a bullish ascending triangle amidst the currency’s current consolidation phase, Zidanic envisions a potential breakout that could propel Bitcoin’s price to an impressive $86,000 in April. 

This prediction highlights the intricate analysis behind market movements and aligns with the heightened anticipation surrounding the upcoming Bitcoin halving event. As the crypto community watches closely, the prospect of reaching or surpassing the $86,000 mark ignites discussions. 

Can Bitcoin Reach $86,000 By Months End? 

According to Adrian Zidanic, who chartered this ascending triangle pattern on April 2 and shared it on social media platform X, a potential target of $86,500 could come as a resulting breakout. Today, April 8, he reposted this chart, saying it may come sooner than he initially expected it. 

Zidanic expressed optimism for a surge up to $90,000, suggesting a bullish trend might elevate Bitcoin’s value even closer to $100,000. The excitement builds as the next Bitcoin halving event draws near. This, combined with the current market’s bullish sentiment, has left many investors anticipating a substantial uptick in Bitcoin’s price.

The crypto market generally shows remarkable vitality and expansion, with Tether’s net income for 2023 reaching an impressive $6.2 billion, outperforming major financial institutions such as Goldman Sachs and Morgan Stanley. This achievement highlights the growing prominence of cryptocurrencies in the finance sector.

The trend of institutional adoption of cryptocurrencies continues to accelerate, with industry giants like BlackRock and Fidelity diving into the crypto space through ventures into Ethereum ETFs and asset tokenization, further solidifying the position of digital assets in the financial world.

What Does The Chart Say?

Bitcoin’s $86,000 price target comes from a usual breakout length projection. As the price breaks above the formed pattern, traders use the length of the range and project a target, placing it above the resistance level. 

Bitcoin’s price today, April 8, made it past this resistance, and it looks like a breakout is coming. Although confirmation is needed, we can already see a higher high than the previous $71,490 made on March 26 by looking at the daily chart. 

The awaited confirmation will come in the form of the daily candle managing to close above this resistance, as it could also snap back and close the day below it, leaving a wick and ending as a fakeout. 

However, the overall structure appears bullish, and the $86,000 target is not an unreasonable one. From its current level of $72,650, there is only 18% to go before reaching this target. Although not an unlikely scenario, it would be preferable to see BTC make it above $74,200, its last all-time high. If it peaks above it, the likelihood of reaching levels past $80,000 would be very high and even exceed the mentioned $86,000 target by the end of April. 

Disclaimers

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

About the Author

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

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