Bitcoin price prediction: Is the bottom in or just a fake BTC rally? Cryptocurrency Apr 22, 2026 Share
Bitcoin (BTC) price rallied to its highest level since early February 2026 on April 22, amid uncertainty whether it’s a bull trap or a full-scale reversal.
The BTC price pump from its February bottom of around $63,000 to over $78,200 at press time has convinced Grayscale Research that the bear market is over. Furthermore, Bitcoin price has rebounded above the average cost basis of recent buyers around $74,000, according to data from Glassnode.
BTC price and realized price for coins transferred in the last 1-3 months. Source: Glassnode
With many recent Bitcoin buyers above their breakeven price, Grayscale noted that the early phase of a bull market is at hand.
“Bitcoin’s price is still well below its October highs, but many recent buyers are back to breakeven, potentially signaling that Bitcoin has put in a durable market bottom in the $65,000 to $70,000 range,” Grayscale noted.
However, BTC price could be forming a possible macro pennant pattern, which is a bearish continuation after a multi-week consolidation, based on analysis from Aksel Kibar, a former fund manager. Kibar stated that Bitcoin price must rally above the upper border of its bearish flag and the 365-day Moving Average (MA) to confirm a macro bull market.
Not Trading, Not Staking: The New Crypto Strategy Generating Up to 24% APY
Crypto investors continue to look for consistent ways to earn returns without relying on unpredictable market cycles. Traditional strategies often … Continue reading
Featured Press Release Apr 9, 2026
BTC/USD 1-day chart analysis. Source: TradingView
Institutional investors bet on a fresh Bitcoin rally
Since Bitcoin price bottomed earlier in February, its supply on all crypto exchanges has fallen to a multi-year low of about 2.67 million BTC at the time of publication, as per metrics from CryptoQuant. As such, the current Bitcoin consolidation differs from that observed in the fourth quarter of 2025, as investors were depositing funds into exchanges, thereby adding bearish pressure.
Bitcoin reserves on all exchanges. Source: CryptoQuant
The significant BTC withdrawals from crypto exchanges have coincided with a renewed demand from institutional investors. For instance, BlackRock’s iShares Bitcoin Trust (IBIT) has purchased BTC worth over $1.6 billion in the past 10 days. Meanwhile, Strategy Inc. (MSTR) acquired more than $2.5 billion in BTC earlier this week, as Finbold noted. As such, the Bitcoin bottom could be in, but a potential retrace below $74,000 may invalidate further relief rally and trigger a renewed selloff in the near future.
About The Author
