April is nearly over and BTC has failed to exceed its March peak. Recent negative developments have exerted strong pressure on risk markets. Now, the price is recovering and stands at $66,300, with a daily peak reaching $66,479. What are the current price predictions for Bitcoin and cryptocurrencies? What should investors expect in the coming period?
Bitcoin (BTC) Forecast
Investors continue to accumulate Bitcoin. Last month, exchange outflows were dominant, and the readily available supply is continuously decreasing. Over the weekend, investors accumulated 9,000 BTC worth $600 million, showing strong appetite. Investors expecting a rise with the halving believe what they saw during the previous three block reward halvings will happen again.
Bitcoin’s price historically reaches new all-time highs within 12 to 18 months after a halving. The current outlook indicating a potential rally is also visible in the Exponential Moving Averages (EMA). The formation of a golden cross on the chart is generally a precursor to major bullish periods, and recent news flow is conducive to this.
In the four-hour chart, if the 50-day and 200-day EMAs converge and confirm the golden cross, investors will find another reason to support their sentiment for further increases.
Bitcoin and Crypto Price Forecast
Altcoin pricing is linked to BTC fluctuations. In recent days, as BTC lost value, altcoins experienced much larger declines. Now that BTC has reclaimed $66,000, altcoins are also seeing double-digit gains. In a likely scenario, BTC’s price returning to $70,000 and further gains in altcoins are expected.
For BTC, the first stop is $66,900, and if this turns into support, the $68,500 resistance could be targeted next. Afterwards, the goals of $70,000 and $71,300 will come into play. The next target after this phase would be surpassing the $73,777 peak to reach a new ATH.
DAA divergence is signaling a downturn for BTC, and participation slows as the price increases. If geopolitical tensions are reignited and Friday’s PCE data is poor, we might see Bitcoin moving in the opposite direction. This could lead to tests of $63,724 and $61,000.
