Bitcoin Broke Above $28,000 Again; Should We Be Bullish on the BTC Price?

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The FOMC’s FOMO appears to have loomed over the crypto space as the majority of the coins have become more volatile. Specifically, the BTC price again soared beyond $28,000 in the early trading hours. The price has soared beyond the crucial resistance, which is now trying to offer a strong base if it faces a bearish pullback. The markets are expecting a hike of 25 bps, which may offer a strong boost for the crypto space.

Now that the BTC price has soared beyond $28,000, some may be extremely bullish on the star crypto, Bitcoin! But will the BTC price maintain a fine upswing and reach $35,000 this month?

Although the BTC price has maintained a fine upswing since the beginning of the year, the volume has remained relatively low.

A rally with decreasing volume usually indicates a drop in the number of buyers, which could be mainly due to their exhaustion. It indicates that the sellers have not been so aggressive, and if they do so, the BTC price may certainly not maintain the prevailing upswing. But that certainly does not mean that this is the end of a healthy rally as the BTC price continues to flash bullish signals.

A popular analyst, Michael van de Poppe, believes Bitcoin’s price may top $38,000 to $42,000 in the coming days.

Overall;

The uptrend isn’t done on #Bitcoin. Most likely it will top out at $38-42K. #Altcoins will start to show strength when there’s confidence, most likely in 1-2 months from now after $BTC breaks $30K.

— Michaël van de Poppe (@CryptoMichNL) May 2, 2023

Moreover, the altcoins may also begin to show acute strength once the BTC price rises above $30,000, which he believes may take a couple of months. Overall market sentiments continue to remain bewildered at the moment as the significant involvement of bulls is witnessed but without the equal interference of the bears. Therefore, until the Bitcoin (BTC) price rises above $32,000, the markets may continue to trade within narrow regions.