Bitcoin's Price Volatility: $85,100 After Death Cross, Golden Cross

In the cryptocurrency market, the debate surrounding Bitcoin's future price has intensified, with prominent industry figures offering contrasting predictions. microstrategy co-founder Michael Saylor has taken a bullish stance, predicting that Bitcoin could reach $13 million per coin in the next twenty years. Saylor's prediction is based on Bitcoin's fixed supply of 21 million coins, which he believes makes it a scarce commodity compared to gold and oil. He argues that gold and oil can be produced if demand surges, but Bitcoin's supply is limited, making it a more valuable store of value.

On the other hand, Pantera Capital CEO Dan Morehead has provided a more tempered forecast. In a November 2024 interview, he predicted that Bitcoin could reach $745,000 by 2028, describing the cryptocurrency as "officially at escape velocity." Morehead dismissed his previous cautious stance that Bitcoin could go to zero, stating that the cryptocurrency has gained significant institutional support and mass adoption. He highlighted that major asset managers are now offering Bitcoin to clients and that a $745,000 price would push Bitcoin's market cap to about $15 trillion, a fraction of the roughly $500 trillion in global financial assets.

Morehead's forecast reflects a more measured optimism grounded in current adoption trends and market realities. He believes that Bitcoin's future is bright and that betting on it going to zero is no longer a sensible position. While Saylor's $13 million price tag captures imaginations, Morehead's forecast is based on the growing institutional embrace of Bitcoin and its potential market cap. Both agree, however, that Bitcoin's future is bright and that betting on it going to zero is no longer a sensible position.

Bitcoin's price action has been volatile, with the cryptocurrency facing a downtrend in the initial hours of trading before ascending rapidly to test the $85,100 resistance. However, it could not sustain the bullish trend, and a slow decline followed. This downturn led Bitcoin to establish a new support at $84,450. With the $84,750 resistance in place, Bitcoin went on to display range-bound behavior until 12:00 UTC. But Bitcoin failed to form any meaningful uptrend from that point. At 13:00 UTC, a death cross formed on the MACD, leading Bitcoin to abandon the support level. It eventually settled at a new support level of $84,350. Bitcoin continued to work in a trading range, with the $84,750 resistance still in place. However, Bitcoin’s upward movements found resistance at the $84,650 mark, as it continues to consolidate in that narrow range. At 00:30 on April 19, a golden cross formed on the MACD, and Bitcoin started scaling the charts. The resistance was broken at 3:00 UTC as Bitcoin continued to ascend to $85,250. With the market now overbought, Bitcoin faced a correction.

Bitcoin currently trades at $85,100. However, based on past performances, Bitcoin may relinquish its current support of $84,900 and look to stabilize under $85K. With the coin in overbought conditions right now, a correction is bound to arrive. If Bitcoin can resist a dramatic fall, we may be in for a shot at $86K. As of now, $745K sounds like a far cry, but given the worldwide interest Bitcoin has garnered, Morehead’s Bitcoin prediction is not too far-fetched either.