The Bitcoin price is one weekend away from achieving seven straight green months, something it has never achieved in its history. The BTC price is trading at $69,900 today on Friday, up 15% in March.
Now analysts believe that the largest cryptocurrency could make it 8 consecutive positive months in April, projecting the Bitcoin price to hit $80,000 in April.
New BTC-based altcoins are also seeing strong growth. For instance, a crypto mining token Bitcoin Minetrix has raised close to $13 million in its ICO and is being backed by experts to offer up to 10x gains.
Why Is Bitcoin Price Poised To Hit $80,000 In April?
The Bitcoin price is set for a strong bullish continuation, owing to the formation of several bullish patterns in its chart.
BTC recently broke out of a bullish descending broadening wedge and has rallied by 5% since. Currently, it is consolidating just above the 2021 cycle high, which remains a crucial level. A monthly close above it could lead to a new all-time high for BTC and $80,000 in April.
Bitcoin’s Fibonacci analysis also highlights $81.8k as its next price target. It simply needs to breach its current all-time high of $73,800 to kickstart a rally to its 1.618 Fib level, which currently stands at $81,850.
BTC also formed a bullish cup and handle pattern in its daily time frame, which also supports the $80,000 in April thesis.
Finally, the Bitcoin Dominance is also on the verge of a breakout from a bullish ascending triangle. Popular crypto analyst Benjamin Cowen believes that BTC.D could be heading to 56%, significantly higher than its current 53.7% level.
A Potential Bearish Scenario For Bitcoin
Macroeconomic risk is the only factor that could derail a potential Bitcoin price rally to $80,000.
Notably, concern about high inflation in the US economy is what led to BTC falling to $61,400 earlier this month. Those concerns could crop up again, especially with the Personal Consumption Expenditures report coming out on Friday. The PCE is the Federal Reserve’s preferred gauge for inflation.
A bad report could lead to Bitcoin closing the month of March below the 2021 cycle high. The Consumer Price Index for March is also to be released on April 10th.
Market expectations have already shifted drastically regarding the Fed’s monetary policy. While the market was initially pricing in 7 interest rate cuts in 2024, that number is now down to 2. The US central bank could decide not to cut interest rates at all this year, which could be catastrophic for the equities and crypto market.
However, Fed chair Jerome Powell remains optimistic that the fight against inflation is going well. In this scenario, the Bitcoin price could continue to push towards $100k by the end of the year.
Bitcoin Minetrix Nears $13 Million In Presale, Could It Offer 10x Returns?
Bitcoin Minetrix ($BTCMTX) is a new cloud mining project that makes mining rewards accessible to retail investors.
With the Bitcoin price expected to surge, the crypto-mining industry is set to become extremely profitable. However, retail investors have not been able to enjoy the profits for over a decade, owing to the monopoly of wealthy corporations.
Bitcoin Minetrix attempts to challenge this monopoly. Unsurprisingly, its native token – $BTCMTX – is witnessing strong early demand and has raised close to $13 million in its ICO.
The project is building a stake-to-mine application that will mine Bitcoin on behalf of its users, later distributing the profits in proportion to their initial investment. Investors can simply buy and stake $BTCMTX tokens to participate in this cloud mining process.
Consequently, Minetrix eliminates the technical expertise and capital investment required in the traditional crypto-mining industry.
Owing to its unique value proposition and strong presale demand, analysts such as Michael Wrubel and Jacob Bury are bullish on $BTCMTX, projecting it to offer up to 10x returns.