Bitcoin’s Wild Ride: Will It Soar or Crash? 🤔

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Ah, Bitcoin. The digital gold, the rollercoaster of the financial world, and the thing that keeps crypto enthusiasts awake at night. According to CryptoQuant, Bitcoin might just be stuck in the low $80,000s for a while, like a teenager refusing to leave their room. But hey, if it manages to break through its next resistance level, it could skyrocket faster than a SpaceX rocket. 🚀

CryptoQuant’s analysts, in their April 10 report, suggested that Bitcoin (BTC) could hit a wall around $84,000. But if it somehow manages to break through, it could soar to $96,000 before hitting the next speed bump. It’s like watching a high-stakes game of financial limbo—how low can it go before it bounces back? 🤷‍♂️

Bitcoin’s Support Levels: From Friend to Foe

“These price levels have been Bitcoin’s best buddies during this bull cycle, but now they’re turning into its worst enemies,” CryptoQuant said, sounding like a therapist diagnosing a toxic relationship. “This has been the case in past bearish cycles,” they added, as if to remind us that history loves to repeat itself, especially when it’s inconvenient.

At the time of writing, Bitcoin was trading at $79,474, down 3.5% over the past day, according to CoinMarketCap. Not exactly the kind of performance that makes you want to throw a party. 🎉

April has been a wild month for Bitcoin, thanks in part to US President Donald Trump’s tariff tantrums. On April 2, he ramped up global tariffs, sending financial markets into a panic. Then, just when everyone was about to start hoarding canned goods, he paused the tariffs for 90 days, softening the bearish momentum. It’s like he’s playing a game of “Will he, won’t he?” with the global economy. 🎭

Bitcoin briefly flirted with $85,000 on April 1, but by April 8, it had retreated to around $76,000, thanks to the uncertainty surrounding Trump’s tariff plans. It’s like watching a soap opera, but with more zeros and fewer dramatic pauses.

CryptoQuant said prices recovered “most of the lost ground” on April 9, after Trump announced the 90-day pause on tariffs to all countries except China, which now face a whopping 145% tariff. Because why not add a little extra drama? 🍿

After Trump’s tariff pause announcement, both the crypto and broader financial markets saw a surge. Bitcoin jumped by approximately 9%, retesting $83,000, while the S&P 500 closed 9.52% higher, marking its third-largest single-day gain since World War II. The Nasdaq 100 wasn’t far behind, posting a 12.02% gain. It’s like the financial equivalent of a sugar rush. 🍬

Abra Global CEO Bill Barhydt, in an April 10 X post, suggested that Bitcoin could go almost 29% above its $109,000 all-time high set in January. “Bitcoin is a levered bet on tech stocks, and all of it is going up and to the right,” he said, sounding like a motivational speaker for investors. He even predicted that Bitcoin could hit $130,000 to $140,000 by late June. Because why aim for the moon when you can aim for Mars? 🚀

Barhydt pointed to the “very significant increase in global money supply” as the reason behind his bullish prediction. It’s like saying, “Hey, there’s more money floating around, so why not throw some at Bitcoin?”

This sentiment was echoed by Real Vision chief crypto analyst Jamie Coutts, who told CryptoMoon last month that “the market may be underestimating how quickly Bitcoin could surge—potentially hitting new all-time highs before Q2 is out.” It’s like everyone’s trying to outdo each other with their predictions. 🏆

However, according to CryptoQuant’s Bull Score Index, Bitcoin has been in one of its least bullish phases since November 2022. Of the ten bull signals it tracks, only one is still active, with Bitcoin trading above its 365-day moving average. It’s like the market is waiting for someone to flip the switch and turn the bulls back on. 🐂

CryptoQuant said the market needs to wait and see if the bull signals “switch back on” in the coming weeks following Trump’s recent decision to pause his tariffs. Because in the world of Bitcoin, patience is not just a virtue—it’s a necessity. ⏳

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2025-04-11 07:00