After its third-largest weekly fall in over a year, the Bitcoin (BTC) price has finally began to rise. BTC’s price has effectively rebounded from the important support level of $37,500, despite an impending Federal Reserve rate hike. Bitcoin Poised For 10% Jump Various analysts, like The Wolf of All Streets, Michael van de Poppe, and PlanB, are bullish on the bullish trend, with the Bitcoin price currently holding above $39,000. In a tweet on May 4, on-chain data provider Santiment published historical data showing a 20% rally as a result of BTC transactions is negative at the same levels between February 16 and 22. The week’s Bitcoin Ratio of On-Chain Transactions Volume in Profit/Loss statistic is the third largest capitulation in a year. As technicals improve, several analysts and traders forecast a price increase in the following days. Michaal van de Poppe predicts that the price of Bitcoin (BTC) will rise from current levels. He stated, “Bitcoin starts to look way better at this stage. Odds that the event tonight is a ‘Sell the rumour, Buy the News’ event are increasing.” A prominent crypto trader, The Wolf Of All Streets, predicted a rebound in Bitcoin price as it breaks above the trend line. A big rise could be anticipated if the BTC price stabilizes over $39,000. Bitcoin On-Chain Transactions Volume. Source: Santiment According to PlanB, the original $55K S2F model, which was released in March 2019, appears...
