Bitcoin May Pump to $96,000 if Breaks the $84,000 Key Resistance
According to the new market review by CryptoQuant, Bitcoin (BTC) may be experiencing an ultimate test near the $84,000 resistance level. After a big drop earlier in April, buyers are back in control. But whether Bitcoin can keep going up will decide if it can reach $96,000 or if the cryptocurrency will stay stuck around the low $80,000 range.
Bitcoin Targets $96K Rally, Faces Major $84K Barrier
In a report on April 10, CryptoQuant experts said that the price levels that used to support Bitcoin during this bull run are now acting as possible resistance. They pointed to $84,000 as the next important level Bitcoin needs to pass.
The report said that these price levels used to help hold Bitcoin up during this bull run, but if the market does not maintain its upward momentum, they could now make it difficult for the price to go higher.
If Bitcoin succeeds in surpassing $84,000, experts say the next milestone might be 96,000, especially if the overall economy helps boost the entire market.
BTC Price Bounce Backs After Trump’s 90-Day Tariff Freeze
According to CoinMarketCap data, at the reporting time, Bitcoin was trading at $79,474, which dropped about 3.5% in the last 24 hours. Due to the U.S. President Donald Trump’s strict tariff policy announcement, the crypto market experienced a steep drop at the start of the month but bounced back suddenly after he stopped global tariffs for 90 days, except for China.
On April 1, Bitcoin rose to over $85,000 but dropped to $76,000 by April 8 because of rising concerns about the global economy. After Trump made an announcement on April 9, Bitcoin rose 9% and briefly touched $83,000 again. U.S. stock markets also rose sharply, hitting record highs.
After World War II this is the third-largest single-day increase of the S&P 500 surged by 9.52% while the Nasdaq 100 surged by 12.02%.
Analysts Forecast Bitcoin to Rise to $130K by June
Bill Barhydt, the CEO of Abra Global, said in a post on X (formerly Twitter) on April 10 that Bitcoin might soon go higher than its previous record of $109,000. He expects the price to reach between $130,000 and $140,000 by the end of June.
“Bitcoin is a risky but strong bet on tech stocks, and everything is rising continuously,” Barhydt said, pointing to the worldwide growth in money supply as a main reason.
Likewise, Real Vision’s top crypto analyst Jamie Coutts recently told Cointelegraph that people might be misjudging how fast Bitcoin could reach new highs before the end of the second quarter.
CryptoQuant’s Bull Score Signals Caution During Market Optimism
Even though positive feelings about the market have returned, CryptoQuant’s Bull Score Index shows that the market remains in a fairly weak bull run, the weakest it’s been since November 2022.
Right now, only 1 out of 10 important bull signals tracked by the index is presently active. Bitcoin is trading above its 365-day moving average. According to Cointelegraph, experts say traders should keep a close eye to see if more signals turn back on after the recent stop in tariffs.
Important Price Points
Instant Resistance: $84,000
Upcoming key resistance level: $96,000
Support Zone: $76,000 – $79,000
Market upside (midterm): $130,000 – $140,000
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Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice, and viewers should consult their financial advisors before investing.
