Bitcoin (BTC) Expected to Reach a New All-Time High (ATH) Prior to April 20th: Here’s the Reasoning

Bitcoin’s price is making another attempt to surpass the resistance level of $71,000 after experiencing a false breakout earlier this week, which caused it to rebound to the support level of $68,000. On-chain data reveals that despite the market’s volatility, Bitcoin whales have been accumulating more coins.

Furthermore, there has been an increasing number of wealth fund managers diversifying their portfolios to include the digital asset industry, with Bitcoin and Ethereum leading the way.

In a recent development, the pro-Bitcoin Democratic Party in South Korea, which pledged to allow investors to invest in spot BTC ETFs locally and overseas, has emerged victorious in the national election. This move follows the efforts by Hong Kong fund managers to offer regulated spot Bitcoin ETFs.

After the approval of spot Bitcoin ETFs in the United States, Grayscale’s GBTC saw the lowest cash outflow of approximately $18 million on Wednesday. This comes as Grayscale’s CEO, Michael Sonnenshein, announced plans to reduce the sponsor fee through the Grayscale Bitcoin Mini Trust, which is pending approval from the U.S. SEC.

Meanwhile, BlackRock’s IBIT and Fidelity’s FBTC currently hold a combined total of more than 411,000 Bitcoins.

According to crypto analyst Michaël van de Poppe, Bitcoin’s price must surpass the resistance range of $71,000 to $72,000 in the coming days in order to establish a new all-time high (ATH) before the halving event. Sustained Bitcoin prices near $72,000 in the upcoming weeks are expected to benefit the entire altcoin industry.

Another popular crypto analyst, Captain Faibik, suggests that if Bitcoin breaks out of the bullish pennant formation, its price could potentially reach $85,000.

Tags: Bitcoin, Price Analysis