The fourth Bitcoin halving will occur around April 22. How could BTC price react? The leading cryptocurrency has experienced gains for seven consecutive months.
A long-awaited month for members of the crypto community has arrived. The importance of April lies in the fact that the fourth Bitcoin halving will take place: How could the BTC price react? This is suggested by analysts and ChatGPT.
The Bitcoin halving event will occur around April 22. As a consequence, the reward for mining a block will be halved, from 6.25 BTC to 3.125 BTC.
What Bitcoin Can Wait in April
March was positive for the Bitcoin price, as the leading cryptocurrency surpassed its all-time high of November 2021 on several occasions. BTC began the third month of the year trading at $61,269 and recorded its current all-time high of $73,737.
Currently, the largest cryptocurrency by market cap is trading within the $70,400 range, according to data from CoinGecko. When evaluating the data shared by Coinglass, since 2013, the Bitcoin price has experienced mostly positive returns during the months of April.
In eleven years of records, the price of Bitcoin has only experienced four bearish Aprils. The last time Bitcoin closed April in the red was in 2022, a few months after its previous ATH and at the beginning of the bear market.
The year 2024 has been extremely positive for Bitcoin. The leading cryptocurrency has experienced gains for seven consecutive months. On the other hand, the United States CFTC reaffirmed its position of classifying Bitcoin as a commodity in the midst of its current lawsuit against KuCoin.
Bitcoin Price Prediction for April 2024: What Do Analysts Say?
Various cryptocurrency analysts have taken to the social network X (formerly Twitter) to share their Bitcoin price predictions for April 2024.
Analyst Christopher Inks told his 36.9 thousand followers that “the price appears to be consolidating towards resistance.”
“For those of you here trying to trade Bitcoin this weekend instead of taking some time away from the charts and enjoying the family (you know who you are), we have some significant support and resistance levels,” Inks added.
In another post on X, the analyst emphasized that “the rally continued overnight despite the holiday weekend. BTC futures closed last week at $71,530, so the spot price remains $1,000 below that close for now.”
On the other hand, on-chain analyst and global head of news at BeInCrypto, Ali Martínez, suggested that the Bitcoin price is still “showing a strong accumulation score as it consolidates around all-time highs”:
“Bitcoin shows a head and shoulders formation on the 30-minute chart. If $BTC maintains its position above the 200 EMA and overcomes the neckline resistance at $71,580, we could anticipate a potential increase of 4.44%, with a price target of $74,760,” Martínez explained.
Renowned trader and analyst Michaël van de Poppe does not rule out the possibility that the Bitcoin price will reach a new all-time high before the halving. In another post, the analyst suggests that Bitcoin follows the general 4-year cycle and believes that “this cycle is likely to surprise a lot of people.” He concluded by stating that “within five years, $70,000 per Bitcoin will be considered cheap.”
Mark Yusko, well-known investor and CEO of Morgan Creek Capital, shared his opinion on the Bitcoin price in a recent interview. Yusko noted that the cryptocurrency could surpass $100,000 in the coming months.
By Leonardo Perez
