Bitcoin to Determine Direction Within 6 Weeks…Potential to Rise to $82,000

▲ Bitcoin (BTC)/AI Generated Image ©

Bitcoin is increasingly likely to attempt to break past $82,000 once again, having held the lower boundary of its ascending channel.

According to investment media FXStreet on April 28 (local time), Bitcoin (BTC) has continued its recovery, rising approximately 28% since rebounding from its February low below $60,000. Analysis suggests that there is room for further upside as technical structure, liquidity, and on-chain indicators are simultaneously improving.

Technically, the ascending channel pattern is key. Bitcoin is trading at the lower support level of the $76,800 to $77,500 range on the 4-hour chart, and historically, each time this range was tested, an 8-10% rebound followed. If the same pattern continues, the upper target is projected to be approximately $82,700.

The liquidity environment is also improving. According to CryptoQuant data, approximately $6 billion worth of stablecoin funds flowed into Binance during March and April, with $3.5 billion coming in April alone. This marks a sharp reversal from the previous net outflow of $7.6 billion and is interpreted as waiting capital preparing to re-enter the market.

On-chain indicators also send positive signals. Bitcoin has recovered the MVRV -0.5 standard deviation range of approximately $72,750, moving out of the undervalued territory. In similar past cases, a mean reversion trend appeared after recovering this range, leading to a short-term rebound. In this scenario, the next target is projected to be around $94,500.

However, additional conditions are needed to confirm an upward trend. The ability to break past $79,000, which is the recent average purchase price for investors, is identified as a critical variable. Only by surpassing this level can the upward trend truly begin, and the next approximately 6 weeks are expected to be a crucial period to determine whether the trend will reverse.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*