CryptoQuant: Bitcoin could reach the threshold of 84,000 dollars if bullish conditions do not improve.

According to insights from CryptoQuant, Bitcoin may fluctuate around the $80,000 range in the short term if it cannot surpass the next resistance level. Meanwhile, some other analysts predict that this coin will establish a new all-time high within the next two months.

In the market report on April 10, CryptoQuant analysts stated that if Bitcoin "continues to rise in price," it may encounter resistance around the $84,000 level, but if it breaks through, the price could surge strongly up to the next resistance level at around $96,000.

Previous support levels now become resistance

"These price levels previously served as support zones in the current bull cycle, but they might now become resistance zones if market conditions do not continue to improve. This is a common phenomenon in previous bear cycles," the report from CryptoQuant noted.

According to data from CoinMarketCap, Bitcoin is trading at $81,424, down 0.3% over the past 24 hours.

BTC 4-hour Price Chart | Source: TradingviewApril has seen significant fluctuations for Bitcoin. On April 2nd, U.S. President Donald Trump increased global tariffs, causing a wave of concern in financial markets, before unexpectedly announcing a 90-day delay on these tariffs, easing the downward pressure.

Bitcoin once surpassed the threshold of $85,000 on April 1, but then dropped to around $76,000 on April 8 due to the instability surrounding Trump's tax plan.

According to CryptoQuant, the price has recovered "most of the lost level" on April 9, after Trump announced a 90-day suspension of tariffs on all countries except China — the country where the tariff has now been increased to 145%.

! Bitcoin Bitcoin traders' on-chain reasonable price range | Source: CryptoQuantAfter President Trump announced a pause in tariffs on April 9, both crypto and traditional financial markets recorded strong gains across the board.

Bitcoin has increased by about 9%, reversing most of the earlier losses for the week and retesting the $83,000 mark. Meanwhile, the S&P 500 index, representing the 500 largest companies in the U.S., rose by 9.52%, marking the third-largest one-day gain since World War II. The Nasdaq 100 also recorded a 12.02% increase during the trading session.

The CEO of Abra Global, Bill Barhydt, stated in a post on platform X on April 10 that Bitcoin could increase nearly 29% from its historical peak of $109,000 set in January in just a few months.

"Bitcoin is a leveraged bet on tech stocks, and everything is rallying hard," Barhydt noted, while predicting that Bitcoin could reach $130,000 to $140,000 by the end of June.

He believes that "the global money supply is increasing very strongly" is the main reason why Bitcoin could reach significantly higher prices before the middle of summer.

This view is similar to that of Jamie Coutts, the chief analyst at Real Vision, who said last month that:

"The market may be underestimating Bitcoin's growth rate — the possibility of setting new highs before the end of the second quarter is entirely possible."

However, according to CryptoQuant's Bull Score, Bitcoin is currently in one of the least optimistic periods since November 2022.

CryptoQuant said that out of the 10 bullish signals it tracks in its Bull Score index, only one remains active: Bitcoin is still trading above its 365-day moving average.

They said the market needs to wait and see if bullish signals "bounce back" in the coming weeks, following Trump's recent decision to pause tariffs.

You can see the price of Bitcoin here.

Disclaimer*: This article is for informational purposes only and is not investment advice. Investors should do thorough research before making decisions. We are not responsible for your investment decisions*

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Dinh Dinh

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