Bitcoin (BTC) Price April 2019 Forecast: What This Month Has In Store for (BTC) Market Cap Value?
Even though some of the much talked about crypto events of the recent past such as Russia converting its fiat forex reserves to Bitcoin as well as the launch of Bakkt failed to materialize, the price of Bitcoin has remained fairly stable over the course of the past 40 days or so.
From a long-term standpoint, we can see that most of the technical indicators associated with BTC show that the ongoing positive price action being experienced by the premier altcoin will most likely persist as we continue to move into the future.
A Deeper Look At The BTC’s Core Indicators
As per market studies conducted by many respected analysts, positive investor sentiment over the recent past has helped in the creation of a “dead-cat bounce cycle” — as a result of which the bulls have continued to gain a deeper foothold in the market.
Additionally, BTCs price action from March has paved the way for a scenario wherein it appears as though the currency has finally found a bottom for its
“short to medium term prospects”.
Other Key Facts Worth Bearing In Mind
- The much-hyped Ethereum hard fork has successfully concluded and as expected, the network upgrade seems to have had a positive impact on the price action of the crypto market at large.
- As a result of some of the positive developments that have taken place within the global crypto sector recently, Bitcoin has been able to gain a decent amount of control over its $ 3800 & $3900 handles.
- Recent speculative trading has resulted in an overall increase in the trade volume of the crypto market (since the 2018 meltdown).
- At press time, around $2 billion USD is still “circulating in and out of the market on every dead cat bounce scenario”.
- Bitcoin’s native mining hashrate has increased for the first time since the mining industry at large began to crumble due to decreasing profits (late last year). For those of our readers who might not be aware, an increase in hashrate clearly signifies that mining activity is once again beginning to pick up.
Lastly, the market’s newfound stability is being viewed by many experts as being a clear sign of the cryptocurrency domain having found a new “bottom”.
More On The Matter
By the end of March 2019, Bitcoin (as well as some of the other premier altcoins in the market) did not witness any bearish action even though CBOE announced that it was going to be “closing its Bitcoin futures contract by the end of the month” (primarily due to increasing operational costs and dwindling profit margins).
As mentioned earlier, Bitcoin has once again been able to trade above the $4000 handle for extended periods— with the altcoin even breaking past the all-elusive $4085 handle which had been proving to be a major hurdle for quite some time.
In closing out this piece, it should be mentioned that as we move into the future, it appears as though the next major resistance barrier for BTC lies around the $4100 mark (followed by the $4200 handle).
Last but not least, many experts claim that Bitcoin needs to stay above the $4K mark so as to allow its existing positive price momentum to continue. If not, it is being said that the flagship cryptocoin could once again fall back to around the $3800 level.
Live Bitcoin (BTC) Price:
1 BTC/USD =$50,374.8768 change ~ 1.66%