Bitcoin Set For $88,000? Analysts Forecast May Breakout After Key Weekly Close

As the end of April approaches, some market observers suggest that Bitcoin (BTC) could be preparing to reclaim a crucial level in the coming days, potentially opening the door to another recovery rally next month.

Notably, the flagship crypto ended the week above $78,000, a level that was lost after the late January-early February market crash. Amid this close, BTC reclaimed the 21-week Exponential Moving Average (EMA) in the weekly timeframe, one of the key barriers after the recent price jump.

Now that the cryptocurrency has closed above this level, confirmation of the 21-week EMA as support could lead to a move toward the $81,000-$82,500 area.

To the market watcher, this would not be a bad sign for bulls, “as long as it consolidates above $74K and doesn’t break down below.”

Nonetheless, he suggested that Bitcoin will likely retest the $85,000-$88,000 area in May and correct or consolidate from there. It’s worth noting that this resistance area was lost in early January and has not been tested since.