Bitcoin Set for Green Zone Entry? Analysts Identify Must-Watch Levels

Bitcoin managed to rebound swiftly from the February low at $60,000, posting gains for two consecutive months. This prompted some analysts to speculate that the cycle’s low is already in and that BTC won’t go below $60,000.

Others were even more optimistic, suggesting that the real bull market might be close to commencing, while Ali Martinez outlined the most important levels for BTC going forward.

What to Look For

The monthly candle closure for April showed that bitcoin had charted its biggest 30-day increase in about a year, gaining almost 12%. Nevertheless, the broader scale still shows that the asset has been trapped within a consolidation phase between $65,000 and $80,000 for the past couple of months.

Ali Martinez said the market is seeing “significant clusters of orders building up,” making them the “most important levels to watch for larger-scale liquidation events.”

The overhead barrier is at $80,000, a level not seen since early February. It serves as the primary psychological and technical ceiling, and there’s a “massive wall of short-side liquidity” there. If BTC pushes through it, $84,000 is likely to be reached rapidly. If that resistance holds, as it has during the past couple of breakout attempts, bitcoin could find its way slipping to lower liquidity pools at $75,000, $73,000, or even $70,000.

Meanwhile, fellow analyst CW said BTC is close to entering the rainbow’s green zone within 1-2 weeks, which would suggest the start of a ‘real bull market.’ They believe there hasn’t been a ‘real’ rally in this cycle, but it could be right around the corner.

Or Maybe Not

Crypto Rover outlined a different perspective, basing his bearish view on the narrative that BTC is still in a bear market and it has never closed three consecutive months in the green in such conditions.

In two of the three major previous such instances, 2014 and 2022, bitcoin had two months in a row in the green, but the third one was quite a painful rejection, including a 17% drop in April 2022. The analyst predicted that “this time likely won’t be different,” which could prove the old saying true, ‘sell in May and go away.’

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