As the North American financial market gradually opened on Thursday, April 10, it was more evident that the United States investors are bullish on the wider crypto market in the long haul. After President Donald Trump promised more great days ahead, akin to Wednesday, Bitcoin (BTC) price led the wider altcoin market in mild recovery on Thursday, during the mid-New York session.
Earlier on Thursday, Ursula von der Leyen, EC President, noted that the European Union intends to give negotiations a chance following Trump’s 90-day suspension of the historical reciprocal tariffs.
“If negotiations are not satisfactory, our countermeasures will kick in. Preparatory work on further countermeasures continues. As I have said before, all options remain on the table,” Von der Leyen said earlier on Thursday.
Crypto Market Outlook
The crypto market is at a crucial juncture in the post-2024 Bitcoin halving cycle, with some on-chain analysts calling for the onset of the macro bear market while others anticipating a parabolic rally before the end of this year. The bullish outlook, however, is gradually gaining momentum.
Furthermore, the VIX index dropped sharply in the past 24 hours to 37.20, after Trump’s announcement on Wednesday, signaling rising odds of market reversal in the near term.
Additionally, Gold price extended its gains on Thursday to trade at about $3,124 at the time of this writing.
From a technical analysis perspective, Bitcoin price, in the 1-hour time frame, has been forming a potential falling wedge after Thursday’s bump. As a result, BTC price is well positioned to rally towards $88k next, especially if the buyers hold their positions.
A rise in Bitcoin will carry the wider altcoin market, led by Solana (SOL), BNB, Ethereum (ETH), and Toncoin (TON), among others.
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FAQs
It boosted market optimism, triggering a recovery in Bitcoin and altcoins like Ethereum and Solana.
Yes, Bitcoin is forming a falling wedge, a bullish pattern that could lead to a breakout toward $88K.
Projecting a 10-year growth in a volatile asset like Bitcoin seems a far-stretched notion. The BTC price is expected to cross $600,000 by 2030. With global adoption, Bitcoin could be worth 1 million dollars.
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