The price of Bitcoin is one weekend away from reaching seven consecutive green months, something it has never achieved in its history. BTC price is trading at $69,900 today Friday, up 15% from March.
Analysts now believe that the largest cryptocurrency could experience 8 consecutive positive months in April, predicting that Bitcoin price will reach $80,000 in April.
New BTC-based altcoins are also seeing strong growth. For example, crypto mining token Bitcoin Minetrix raised almost $13 million in its ICO and is backed by experts to offer up to 10x gains.
Why is Bitcoin price about to hit $80,000 in April?
Bitcoin price is expected to see a strong bullish continuation, due to the formation of several bullish patterns in its chart.
BTC recently broke out of a descending and bullish widening wedge and has since risen 5%. Currently, it is consolidating just above the 2021 cycle high, which remains a crucial level. A monthly close above this level could lead to a new all-time high for BTC and $80,000 in April.
Bitcoin’s Fibonacci analysis also highlights $81.8k as the next price target. It only needs to surpass its current all-time high of $73,800 to initiate a rally towards its 1.618 Fib level, which currently stands at $81,850.
BTC also formed a bullish cup and handle pattern during its daily time frame, which also supports the $80,000 thesis in April.
Finally, Bitcoin Dominance is also on the verge of breaking out of a bullish ascending triangle. Popular crypto analyst Benjamin Cowen believes that BTC.D could reach 56%, significantly higher than its current level of 53.7%.
A potential bearish scenario for Bitcoin
Macroeconomic risk is the only factor that could derail a possible Bitcoin price rise to $80,000.
Notably, concerns over high inflation in the US economy are behind BTC’s fall to $61,400 earlier this month. These concerns could resurface, particularly with Friday’s release of the report on personal consumption expenditures. PCE is the Federal Reserve’s preferred inflation indicator.
A poor report could lead Bitcoin to close March below the 2021 cycle high. The March Consumer Price Index will also be released on April 10.
Market expectations have already changed dramatically regarding the Fed’s monetary policy. While the market initially expected 7 interest rate cuts in 2024, that number has now fallen to 2. The US central bank could decide not to cut interest rates at all this year, which could be catastrophic for the stock and cryptocurrency market.
Fed Chairman Jerome Powell, however, remains optimistic that the fight against inflation is going well. In this scenario, the price of Bitcoin could continue to advance towards $100,000 by the end of the year.
Bitcoin Minetrix Nears $13 Million in Presale, Could It Deliver 10x Returns?
Bitcoin Minetrix ($BTCMTX) is a new cloud mining project that makes mining rewards accessible to retail investors.
With the expected rise in the price of Bitcoin, the crypto mining industry is poised to become extremely profitable. However, retail investors have been unable to enjoy the profits for over a decade, due to the monopoly of wealthy companies.
Bitcoin Minetrix is trying to challenge this monopoly. Unsurprisingly, its native token – $BTCMTX – is seeing strong initial demand and raised nearly $13 million in its ICO.
The project is building a staking application that will mine Bitcoin on behalf of its users, then distributing profits in proportion to their initial investment. Investors can simply purchase and stake $BTCMTX tokens to participate in this cloud mining process.
Therefore, Minetrix eliminates the technical expertise and capital investment required in the traditional crypto mining industry.
Due to its unique value proposition and strong presale demand, analysts such as Michael Wrubel and Jacob Bury are bullish on $BTCMTX, forecasting that it will deliver returns of up to 10x.
Visit the Bitcoin Minetrix Presale
reference: watcher.guru