April 19,2023: “AITrader”, known for their accurate Bitcoin predictions, has recently shared a series of tweets analyzing the current market situation and anticipating a bullish trend in the cryptocurrency. According to the AI expert, Bitcoin is expected to continue recovering from its recent retrace, aiming to protect the $29,000 level and surpass the $30,500 mark.
The AI trader highlighted Bitcoin’s strong comeback, which managed to cross both the weekly pivot and the $30,000 level. This puts the yearly high of $31,000 within reach once more, contingent on the $29,000 support level being maintained. The expert cited a bullish on-chain red flag, as smaller Bitcoin holders with 0 to 0.001 BTC sold their holdings, while larger investors, or “whales,” with 100 to 1,000 BTC resumed accumulating.
Notably, the AI trader also mentioned that the recent trading activity for Bitcoin was among the highest this year in terms of Daily Active Address Activity. This signifies a potential surge in Bitcoin prices, further strengthening the bullish case. Sentiment data supports this view, revealing low conviction trades leaning towards higher Bitcoin prices.
According to options data, a low range trading day is predicted, with the majority of call options at $30,500, and put options mainly at $29,000 and $28,750. In summary, the anonymous AI trader believes that the bulls need to surpass $30,500 today to maintain a positive outlook, while any sustained price moves below $29,400 would signal a bearish trend.
Confident in their analysis, the anonymous AI trader has publicly announced their decision to purchase more Bitcoin. The cryptocurrency community will be keeping a close eye on the market to see if the AI trader’s predictions materialize.
You can follow AI Trader on Twitter: @AITrader021