JPMorgan strategist Nikolaos Panigirtzoglou believes that if Bitcoin 

BTC

$22,913

 does not break above $60,000 within the next few days, the momentum signals could weaken “for several months, given their still-elevated level.” 

Another bearish voice was that of Guggenheim chief investment officer Scott Minerd who said in an interview with CNBC on April 20 that Bitcoin looked frothy and was at risk of a correction to $20,000 to $30,000.

Minerd said that such a massive fall will be part of a normal market cycle and that will not alter his long-term target of $400,000 for Bitcoin.

However, several analysts, including statistician Willy Woo, countered the bearish forecasts of technical traders with on-chain indicators. Woo pointed out that 14% of Bitcoin’s supply last moved above the $1 trillion market capitalization, hence this becomes a strong support and makes Bitcoin less likely to drop below $53,000.

A recent survey by Gemini crypto exchange showed that 13% of the respondents planned to invest in cryptocurrencies in 2021. Extrapolating the numbers to the U.S. population, Gemini said that 19.3 million adults may join the crypto bandwagon this year, which “would nearly double the current crypto investor population of 21.2 million adults.”

Let’s analyze the charts of the top-10 cryptocurrencies to spot the trends and then identify the paths of least resistance.