Bitcoin could see further upside from its current price before the end of this month, sending altcoins rallying by two- or threefold.
Notably, the crypto leader has been on a good run of form lately, showing resilience amid the geopolitical tension in the Middle East. It is up over 6% in the past 24 hours, reclaiming $76,000 for the first time in almost one month. Still, there could be more in the pipeline for Bitcoin ($BTC) before the end of April.
Key Points
- Bitcoin could leverage the momentum from the global market recovery to reclaim the $80,000 to $85,000 range before April ends.
- Breaking $75,000 with volume support would ensure the Bitcoin rally continues to $85,000.
- As long as Bitcoin remains above the $72,000 support level, there is over a 70% chance it trades above $80,000 before the end of April.
- Altcoins could be a beta play, likely to rally between two and three times Bitcoin’s price increase.
Bitcoin Reaction at $75,000 Crucial
Michael Van de Poppe, the founder of MN Fund and a prominent market analyst, sees Bitcoin surpassing its current price before the end of this month. In his Tuesday X post, he noted that $BTC would leverage the momentum from the global market recovery to reclaim the $80,000 to $85,000 range before April ends.
Notably, the premier crypto asset last trended around this price area on January 29, when it fell 5% from $89,100 to $84,500. As such, the 12.8% rally from the current price of $75,300 would take $BTC to an over-three-month high.
But the analyst noted that breaking $75,000 with volume would ensure the rally continues. Breaching this resistance stronghold with confirmation of strong market participation sets the tone for this rally to $80K-$85K, where the next strong supply pressure lies in higher timeframes.
Interestingly, this scenario is already in play, with the coin surging to $76,000 amid a 93% spike in trading volume over the past 24 hours.
Van de Poppe also highlighted the $72,000 support as a crucial point. As long as Bitcoin remains above this zone, he believes there is over a 70% chance that the price trades above $80,000 before the end of April.
Altcoins Can Do 2-3x the Bitcoin Rally
Meanwhile, van de Poppe sees altcoins outperforming Bitcoin. He called them a beta play, likely to rally 2-3x Bitcoin’s price increase. For perspective, if $BTC increases by 10%, altcoins will likely rise by 20% to 30% or even higher.
Notably, Ethereum has recently shown this prospect. It outperformed Bitcoin in March and continues to serve as a high-leverage beta in the current market. For context, while Bitcoin has increased 5% in the past 24 hours, Ether has increased by over 8%, culminating in a 1.38x performance lead.
While most other altcoins have not yet hit this trajectory, the analyst expects them to if the current market conditions persist. Typically, the market has grown in a measured way, with capital flowing first to Bitcoin and large caps, then rotating further into the broader altcoin market.
