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Crypto analyst Ali Martinez posted on X, saying that Bitcoin (BTC) had formidable support on the 4-hour chart that could prevent it from dropping. According to him, this support might ensure that the price rebounds from the recent lows.
However, he also mentioned that if BTC does not break through the 200 EMA, then the value of the coin might decrease.
The 200EMA on the #Bitcoin four-hour chart has been formidable support. Since early February, it has prevented #BTC from dropping further.
— Ali (@ali_charts) April 2, 2024
For this reason, I'm paying close attention to this level because if it holds, it guarantees a rebound, but if it breaks as it did in… pic.twitter.com/cnfruT9wUJ
However, another analyst with the handle SlumDOGEMillionaire told his followers not to put a lot of money into Bitcoin. According to him, the coin might not be able to produce high returns as it has done in previous cycles.
SlumDOGEMillionaire then added that altcoins like Solana (SOL), and Avalanche (AVAX) could provide greater returns. Besides these cryptocurrencies, the analyst also encouraged his followers to keep an eye on meme coins.
Some of the meme coins he mentioned include dogwifhat (WIF), Pepe (PEPE), and BRETT on Base. At press time, Bitcoin’s price was $66,887. But before the recent decline, the value climbed above $69,000.
I don’t know who needs to hear this but if you want to make some serious money this bull run do not buy #Bitcoin
— SlumDOGE Millionaire (@ProTheDoge) April 5, 2024
Seriously – you might 3X at best.
If #BTC goes go $200K, that’s about as much as you’re going to get, best bull case scenario it goes to $250K 🤷🏼♂️
Still only a 3.5X…
Bitcoin Price Analysis
From a technical perspective, the daily chart showed that Bitcoin showed bullish potential. This was evident in the trend shown by the Exponential Moving Average (EMA). As of this writing, the 50 EMA (blue) had crossed over the 200 EMA (orange).
However, if BTC falls below $63,279, the price drops below $57.105. On the other hand, if Bitcoin sustains its momentum at a higher level, the price might extend toward $70,000. In a highly bullish case, the value of Bitcoin might climb past $75,000.
Meanwhile, traders might need to be careful as volatility around the coin might surge. Should this be the case, BTC might experience massive price fluctuations which could either capitulate the value or drive it higher.
In conclusion, the opinion that PEPE, WIF, SOL, and some other altcoins might outperform Bitcoin could be valid considering the difference in market cap.
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