Bitcoin has undergone a slight drop since the $16,400 highs. Though analysts think that the cryptocurrency remains bullish as the $16,000 support level holds.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom Bitcoin Could Move Back Toward the Highs as $16,000 Holds
Analysts think that Bitcoin could move back toward the local highs as it holds $16,000 with precision. Sharing the chart below, one trader said recently:
“$BTC looks ready to test at least $16.2k Multiple wicks into previous resistance is reminding me of the weekly retest at $10k.”
Chart of BTC’s price action over the past few weeks with an analysis by crypto trader HornHairs (@CryptoHornHairs on Twitter). Source: BTCUSD from TradingView.com
Other analysts have expressed this optimism about Bitcoin.
Referencing a chart, the same trader that predicted Bitcoin would see a V-shaped reversal during March’s recently said the following, sharing a chart