Bitcoin may hit a wall at $84K if bullish conditions don’t pick up: CryptoQuant

Bitcoin could hover in the low $80,000s in the near term if it fails to break through its next resistance level, CryptoQuant says, while other analysts predict the cryptocurrency will hit a fresh all-time high within the next two months.

CryptoQuant analysts said in an April 10 markets report that if Bitcoin (BTC) “continues to rally,” it could hit resistance around the $84,000 price level, but if it breaks through, it could soar before its next resistance level of $96,000.

“These price levels have acted as price support during this bull cycle but can now act as price resistance if bullish conditions don’t continue to improve,” CryptoQuant said in its report. “This has been the case in past bearish cycles.”

Bitcoin was trading at $79,474 at the time of publication, down 3.5% over the past day, according to CoinMarketCap data.

Bitcoin is down 2.24% over the past 30 days. Source: CoinMarketCap

April has been a volatile month for Bitcoin. US President Donald Trump ramped up global tariffs on April 2, which triggered fear in financial markets, before later abruptly pausing them for 90 days and softening the bearish momentum. 

Bitcoin briefly rose above $85,000 on April 1, but it pulled back to around $76,000 by April 8 due to uncertainty surrounding Trump’s tariff plans.

CryptoQuant said prices recovered “most of the lost ground” on April 9, after Trump announced the 90-day pause on tariffs to all countries except China, which have now been ramped up to 145%.

Bitcoin may first find resistance at $84,000 and then at the $96,000 area. Source: CryptoQuant

After Trump’s tariff pause announcement on April 9, both the crypto and broader financial markets saw a wider surge.

Bitcoin surged by approximately 9%, reversing most of the losses it incurred earlier in the week, to retest $83,000. Meanwhile, the S&P 500, which tracks the 500 largest public US companies, closed 9.52% higher, its third-largest single-day gain since World War II. The Nasdaq 100 posted a 12.02% gain over the trading day.

Abra Global CEO Bill Barhydt said in an April 10 X post that it may only be a matter of months before Bitcoin sees its price go almost 29% above its $109,000 all-time high set in January.

“Bitcoin is a levered bet on tech stocks, and all of it is going up and to the right,” Barhydt said, adding that Bitcoin may go as high as $130,000 to $140,000 by late June.

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He pointed to the “very significant increase in global money supply” as the reasoning behind his claim that Bitcoin could reach significantly higher levels by “midsummer at the latest.” 

It echoes a similar sentiment to Real Vision chief crypto analyst Jamie Coutts, who told Cointelegraph last month that “the market may be underestimating how quickly Bitcoin could surge — potentially hitting new all-time highs before Q2 is out.”

However, according to CryptoQuant’s Bull Score Index, Bitcoin has been in one of its least bullish phases since November 2022.

CryptoQuant said that of the 10 bull signals it tracks in its Bull Score Index, only one is still active, with Bitcoin trading above its 365-day moving average.

It said the market needs to wait and see if the bull signals “switch back on” in the coming weeks following Trump’s recent decision to pause his tariffs.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.