Bitcoin has grown significantly since the beginning of 2021. It is important to be very well informed before making an investment decision. That’s why we have prepared this Bitcoin price prediction for April 2021.
Bitcoin has a market cap of $1,030,098,399,733, and the circulating supply is currently at 18,655,412 BTC out of the maximum supply of 21 million. $60,820,709,212 worth of BTC has been traded in the last 24 hours.
Bitcoin Price Prediction: Analysis
The year 2020 was a great one for Bitcoin, which grew over 300%. 2021 has even been better, as the price has broken several new highs. It recently just hit the new high of over $60,000. The question is, what does the future hold for BTC in 2021 and the years to come?
Generally speaking, the price is still primed for an upward move. However, since reaching the new all-time high, it has retraced below $58,000, which was one of the biggest resistances on its way up. This means that the price could linger under this level as a significant resistance again.
Although there is a retrace and the price could move sideways for some time, several key indicators show that it is still on course. For instance, the Moving Average (MA) suggests that the price movement is healthy. This is evident by the way the shorter time frame MAs are higher than the longer-term ones.
As expected, the Relative Strength Index indicates a weakened momentum. The indicator has dipped from over 70 to just under 59 and is still dropping fast. Unless buyers jump in, the price could drop to the next possible support of $42,703 before a possible bounce back.
The following are major support and resistance levels that traders should keep in mind, according to Walletinvestor:
- Resistance Level (R3): 63097.23;
- Resistance Level (R2): 62347.57;
- Resistance Level (R1): 60848.23;
- Pivot Point: 60098.57;
- Support Level (S1): 58599.23;
- Support Level (S2): 57849.57;
- Support Level (S3): 56350.23.
There is a rising positivity around Bitcoin despite the ongoing price drop. Many prominent business people project that the price may go much higher than it is now. One of such is the CEO of crypto exchange Diginex, Richard Byworth. In an interview with Bloomberg, Byworth said that the Bitcoin rally has just started and in its early stage.
He projects that the price could go as high as $175,000 by the end of 2021. He attributes this to factors such as massive institutional adoption by companies like MicroStrategy, Tesla, Square, and many others.
Similarly, a Norwegian oil billionaire Kjell Inge Rokke believes that Bitcoin could be worth $1 million a piece. His oil company Aker has also launched a new business known as Seetee AS that will explore investment in Bitcoin as a store of value. The business will invest in companies and businesses that will hold all its liquid assets in Bitcoin. With an initial investment of $59 million, the company plans to increase the investment “significantly” over time.
Bitcoin Price Prediction: Market Opinions
The following are market opinions from top price prediction and analysis websites. While they are not accurate, they could give direction on the potential performance of Bitcoin in April 2021.
Longforecast is bullish on Bitcoin. Their Bitcoin price prediction is that it will reach an average price of $71,638. The lowest expected price is $57,488, while the highest expected price for the month is $88,917. The closing price for the month is expected to be $83,100.
Unlike Longforecast, Tradingbeasts is quite bearish with its Bitcoin price prediction. The expected opening price for April is anticipated to be $49,259.913. The Maximum price forecast for the month is at $62,264.310, while the minimum is as low as $42,339.731. The closing price is almost the same as the opening price at $49,811.448.
Because of the rising institutional adoption, Previsionibitcoin foresees the price of Bitcoin to rise in April. According to its Bitcoin price prediction, this will take the price to $72,939.39 in April. This is the expected average price, but the actual price could be higher or even lower.
For Digitalcoinprice, Bitcoin price prediction places the average price for April at $80,396.03. This will represent an increase of 44.21% from March. This is just an estimation, but the real price may be higher or lower than expected.
Bitcoin Price Prediction: Verdict
This is the Bitcoin price prediction and analysis for April 2021. Clearly, Bitcoin has better days to come, and the price could rise significantly. The current dip may be considered as a buying opportunity before the next leg up. However, this is not investment advice, and you should make decisions solely based on your study of the market and how much risk you are willing to take. That being said, good luck with your investment.