Crypto traders waiting to confirm the outlook of the crypto market have finally received a sign, and it seems like the bear market is finally over. The apex cryptocurrency, Bitcoin, was finally able to break through the $27k support level, and to many experts, this shows that the crypto market is making a massive recovery. The bulls are about to enter the market in large numbers.
According to an analysis by crypto expert Trader Tardigrade on April 2, the $27k price level was crucial for the whole crypto market. It would have led to a massive bear market if Bitcoin couldn't hold on and break that price level. However, after staying within the $27k price range for many days, Bitcoin has finally broken through, and other cryptocurrencies have followed.
Tardigrade analyzed what happened while Bitcoin was still at the $27 support level. According to their analysis, Bitcoin was building momentum to absorb the remaining selling pressure. They said that Bitcoin did this by trading above its upper trendline for some time before the breakthrough.
While Bitcoin was doing all these, Tardigrade believes it created an expanding triangle pattern crucial to the upcoming bull market. "The Bitcoin bear market ends with an expanding triangle. After building up a consolidation above the upper trendline (green circle), to absorb all the remaining selling pressure, BTC will take off," the analysis noted.
The Next Bitcoin Resistance Level to Watch Out For
As several experts say, BTC has a new resistance level to watch out for after the bearish market. Michaël van de Poppe, another well-known cryptocurrency analyst, established that Bitcoin now has a critical trading pattern that should be followed. According to the expert, Bitcoin now moves by testing some new price levels, and then it makes a return before starting another bull run. In simple terms, van de Poppe said since Bitcoin has tested and broken through the $27 level, the next support level should be $28k. His analysis states that in the new bullish trend, Bitcoin would grow in price to reach $30k and then undergo some retracement.
"#Bitcoin did continue to hold the box at $27,000 and broke above the crucial breaker of $27,800 -> back in the range.
The next resistance is $28,800. If we'll have a slight consolidation, it seems likely that we'll continue moving upwards to $30,000," van de Poppe said on Twitter.
Bitcoin Price Outlook
Over the past weeks, Bitcoin has been experiencing some bearish trends, which saw its price reduce to over $27k. Following the bearish trend, other cryptocurrencies soon followed suit as Ethereum dropped to less than $2k. But Bitcoin has started making a massive recovery as the bulls return to the market. The apex cryptocurrency is currently trading at more than $29k. It is only two hundred dollars short of crossing over to $30k.
In the past 24 hours, Bitcoin's price has increased by more than 8%, and it does not seem to be stopping anytime soon. Despite the bearish trends in the Bitcoin price chart all week, its weekly chart is starting to show green again as it has increased by more than 1%.