#BTC hit another all-time high this week, leaving analysts and investors speculating on when this latest price rally will finally peak. So, for the next month, with only days left, the price can explode and touch $100,000?
The world’s leading cryptocurrency has risen more than 70 per cent since 1 January, reaching above $70,000 for the first time in its 15-year history. It builds on gains of more than 150 per cent last year, which saw it rise up from below $17,000 at the start of 2023.
The price surge has been fueled by a new wave of institutional investors, brought in after the Securities and Exchange Commission in the US approved the first ever bitcoin spot exchange-traded funds (ETFs).
Meanwhile, so far in 2024, Bitcoin has rallied by over 70%, more recently making a 53.11% run on its monthly chart, as well as racing 9.05% across the past week and making a more modest advance of 1.49% in the last 24 hours, and hitting the price of $73,270, according to the price data on March 13.
Based on the strong Relative Strength Index (RSI) holding at 89 in the overbought region, Bitcoin is far from exhausting the uptrend. The price discovery mode may continue to $80,000 before any signs of a pre-halving retrace.
Bitcoin will undergo its four-year halving cycle in April when miner rewards will be cut in half from 6.25 BTC to 3.125 BTC. The rally to new all-time highs in Q1 can be attributed partly to the ETF and the buzz surrounding halving.
With that in mind, it may be prudent to proceed with caution and keep a cash-rich wallet to buy dips. In case of a correction, $70,000 comes up as the immediate local support. Losing this support could pave the way for further losses where Bitcoin retests lower levels towards $60,000 before resuming the uptrend.
Bitcoin will always remain one of the best long-term crypto projects due to its appeal amongst retail investors and those with limited market knowledge. Whenever newcomers wish to get involved with crypto, they naturally gravitate towards BTC, as it is viewed as the ‘safest’ option due to its popularity. Again, this is another factor that will play a role in sustaining demand.
In addition, our Bitcoin price prediction remains optimistic due to how well-placed the coin is to weather any storm. Not only is Bitcoin becoming more popular amongst investors, but it is also becoming more popular amongst politicians, as they realize that Bitcoin and crypto are growing in popularity with their constituents—a trend we expect to see continue into 2025 and beyond. There are also more than 34,000 Bitcoin ATMs worldwide, highlighting that the coin isn’t going away anytime soon.
Finally, according to what was described above, in my personal criteria, the price of BTC in the next month of April could have a minimum of $79,474, an average or monthly average of $81,753 and a historical maximum around $94,878. You will say that I am optimistic but this is my analysis, I hope in a month to see this article and see my predictions come true.
Without further ado, I hope you feel comfortable reading this and leave your like, which also helps me a lot in leaving your opinions and personal prediction of the value of the best currency, that is, Bitcoin.
