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Bitcoin has emerged as one of the assets with the highest yield for holders in 2023. With BTC dominance rising, analysts are bullish on the digital assets comeback to the $35,000 level.

Experts believe the January 2022 support at $32,000 could get re-tested in April and set a minimum target of $35,000 for the Bitcoin price. A range of on-chain metrics supports the bullish thesis for Bitcoin.

Also read: Why Vitalik Buterin is bullish on ZK coins

Jackis, a trader and crypto analyst, identified a cup and handle formation on Bitcoins one-day price chart. While the cup and handle formation is not a classical chart pattern, Jackis argues that fitting the current BTC structure in it sets a target of $35,000 for the Bitcoin price.

The analyst believes a clean break above the $32,500 high would set BTC up for a rally to the $35,000 target.

BTC/USD 1D price chart

The cup and handle formation indicates an assets price movement in cup form, followed by a downtrend, a handle formation. When the handle formation is complete, it is typically followed by a new all-time high in the assets price.

Bitcoin supply redistribution to retail investors holding between 0.1 to 10 BTC is considered a bullish signal. Accumulation of the asset by retail investors is a bullish sign. While large wallet investors and whales are engaging in profit-taking, the asset is redistributed to retail investors.

BTC accumulation by retail investors

The supply of Bitcoin on exchanges has consistently declined since March 30, based on data from the crypto intelligence tracker Santiment. A decrease in BTC supply on exchanges is bullish as it reduces the volume of Bitcoin available for sale, a reduction in selling pressure on the asset.

Interestingly, the timeline coincides with the decline in whale transactions, greater than $100,000 worth of BTC.

BTC supply on exchanges, whale transaction count and Bitcoin price

Crypto analyst and YouTuber Jason Pizzino believe that the largest asset by market capitalization is following a Wyckoff accumulation pattern. This is a pattern that lasts four phases, and the analyst believes we are in the accumulation phase in BTC. This implies the asset is forming the base for a bull market.

Pizzino believes April is conducive to BTC testing its January 2022 support at $32,000. In his recent YouTube video, Pizzino was quoted as saying:

...I think April may be the month that we come up to test the $30,000 and the low $30,000 area, so about $32,000, which is the previous lows and support of January 2022 That is going to be a key area.

If Pizzinos thesis is validated, Bitcoin could test the January 2022 support and conquer the level in its uptrend to the $35,000 bullish target.

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Will Bitcoin hit its $35,000 target in April: BTC deep dive - FXStreet