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A prominent market analyst has argued that there is a looming positive shift in Bitcoin’s trajectory.
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The call follows a significant drop in selling pressure on top exchanges.
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Bitcoin’s price chart still looks weak in the short term, according to several analysts.
Q1 for Bitcoin was anything but the thrilling run most market participants had anticipated. Amid broader market uncertainty sparked by rapid changes in macroeconomic dynamics, the asset closed the quarter nearly 12% lower, its worst Q1 showing in seven years. However, as Q2 kicks off in earnest, one analyst has suggested that a shift may be on the horizon.
In a Tuesday X post, prominent crypto analyst Axel Adler Jr. asserted that Bitcoin was in an asymmetric demand zone, arguing that sellers appeared exhausted while buyers appeared content with current prices.
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He expressed this view, citing a 64% drop in selling pressure on top exchanges from 81,000 BTC in December when the asset first crossed $100,000 to 29,000 BTC at the end of March per CryptoQuant’s exchange inflows chart.
According to the analyst, the current market dynamics could set the stage for a supply shortage that could spark Bitcoin’s next impulsive move to the upside. He noted that this impulsive move could be foreshadowed by consolidation in April and May.
Despite the underlying shift in the forces of demand and supply, Bitcoin’s chart still looks weak, according to several prominent chartists.
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On Monday, well-followed market analyst Mathieu argued that bullish confirmation would come if Bitcoin reclaimed its 200-day moving average and $92,000 as support.
“A reclaim of 92k would make me bullish, targeting a new BTC ATH,” he wrote.
Mathieu’s views are shared by “HTL-NL,” who marked out the $92,000 level as “BREAKING THE ICE.” HTL-NL appears to believe that a Bitcoin price breakdown to $73,000 is more likely in the short term but suggests that the strength of the asset’s present bounce will likely determine its eventual direction.
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It likely doesn’t help that significant market volatility is expected this week as markets await several key economic releases and President Donald Trump‘s Wednesday tariff announcement.
According to Kronos Research CEO Hank Huang, the impact of the anticipated fresh tariffs on the market will likely depend on how other countries respond.
“Trump’s reciprocal tariffs take effect on April 2, injecting volatility into the crypto market as investors react to macroeconomic uncertainty. A potential dip in the USD could bolster confidence in risk-on assets like BTC, but much depends on whether other nations respond with more retaliation or negotiation,” he wrote in a note shared on Tuesday.
Nonetheless, at the time of writing, Bitcoin is trading near $85,000, representing a nearly 2% increase over the past 24 hours in an okay start to a month that has typically been positive for the asset. For context, the asset has closed April with profits seven out of 12 years, boasting an average gain of 12% overall.
Time will tell whether Bitcoin can extend this stretch to eight out of 13.
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This article Bitcoin In Asymmetric Demand Zone, Says Analyst: Here’s What It Means For BTC Price originally appeared on Benzinga.com
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