Bitcoin (BTC) Price Prediction: Will the Cryptocurrency Market Continue Its Bullish Run?

Bitcoin has faced a turbulent week of price action, swinging between sharp drops and rebounds as global markets react to escalating trade tensions

Bitcoin faced a turbulent week with sharp drops and rebounds, swinging between new lows and attempts to rally back above the $80,000 range. The cryptocurrency has been largely moving in lockstep with U.S. stocks, particularly the Nasdaq, spurring questions about its effectiveness as a safe haven asset during this economic downturn.

However, some positive signs have emerged for Bitcoin enthusiasts. Data from Santiment indicates that the number of Bitcoin “sharks” (holders of over 10 BTC) increased significantly, with more than 132 new wallets appearing in a 24-hour period.

More notably, CryptoQuant data revealed a massive transfer of approximately 48,575 BTC, valued at around $3.6 billion, flowing into accumulation addresses. This marks the largest such movement since 2022 and may signal growing confidence among wealthy investors.

This accumulation activity suggests that despite short-term price volatility, larger investors might be taking a longer-term bullish stance on Bitcoin's prospects. This view is further supported by the rapid recovery above the $80,000 mark, which appears to have quickly restored confidence that was shaken when prices fell below this threshold for the second consecutive time.

The recent price action is closely watched by technical analysts who see Bitcoin approaching what many consider a decisive phase that could determine its medium-term direction. Some technical indicators present mixed signals. The Ichimoku cloud is approaching a bearish crossover, while the Relative Strength Index (RSI), having dropped below average, shows signs of a potential bullish divergence. Many analysts suggest that maintaining levels above $81,500 will be crucial for continuing the bullish trend.

The analysis of options expiry data for April 11 revealed the expiration of roughly 28,000 Bitcoin options contracts with a total value of approximately $2.26 billion. The put/call ratio stood at 0.88, indicating a relatively balanced mix of bearish and bullish positions among traders.

These options had a “max pain” point of $81,500 – the price level at which the most contracts would expire worthless. Interestingly, open interest remained high at both the $70,000 and $100,000 strike prices, reflecting the divided sentiment among market participants. Some traders expect further price declines, while others anticipate a recovery that could push Bitcoin toward the $100,000 mark. This split in market sentiment is evident in the varying predictions, showcasing the uncertainty created by recent macroeconomic developments.

Alongside Bitcoin, Ethereum also saw the expiration of about 184,000 options contracts valued at roughly $280 million. Ethereum’s implied volatility remains elevated compared to Bitcoin, with ETH holding near 80% for short to mid-term contracts while BTC’s has dropped closer to 50%.

The broader cryptocurrency market has felt the pressure of these developments, with total market capitalization dropping by 2.9% to $2.664 trillion in a 24-hour period. Bitcoin remains approximately 26% below its all-time high set earlier this year.

Market watchers noted unusual trading behavior ahead of recent policy announcements. Data provider Greeks Live reported several large purchases in the $75,000 to $77,500 range just before tariff news broke, leading some to question whether certain participants had advance knowledge of the announcements.

Looking ahead, traders are closely monitoring key price levels. The $85,000 mark is viewed as a short-term target, while $100,000 continues to serve as longer-term resistance. Despite recent gains, skepticism persists over whether the current momentum can sustain through the coming weeks.

Bitcoin's price prediction for the near future remains cautiously bullish as long as it sustains above $81,500. However, the cryptocurrency market continues to be affected by lower sentiment and liquidity issues that impact price stability.