Chances are we have all thoroughly enjoyed how April started for bitcoin. It’s been exceedingly pleasing even if it could still be quite premature to say that the long-awaited crypto summer has arrived at last. Yeah, don’t be so sure that the bears went to hibernate until some further evidence becomes apparent.
The PrimeXBT trading platform has something to say about all this. According to its analysis, we can expect Bitcoin’s price to go beyond USD 6.000,00. Yes, the USD 1000,00 rise happened too quickly, and it was very fleeting (it all happened inside a single hour, and it hasn’t kept going all that much) and there’s always the chance for a rollback. But the six thousand mark could be breached according to both fundamental and technical analysis.
Blockchain changes as a possible reason for sustained growth
Something has happened in Bitcoin’s history always. It’s a new phenomenon nobody understands at all but, the numbers are there. Every time the block reward gets halved, a bullish Bitcoin cycle begins more or less twelve months before the split. The prior events happened in November 2011, December 2012 and August 2015.
The next change in the blockchain’s policy is scheduled for May 2020, so if the pattern is going to hold, a new bullish run should be just around the corner, or this one could be it.
So how will it all look by April’s end?
Exciting news due for April’s second half could also bolster the market’s growth. Yahoo Japan is about to launch a cryptocurrency exchange there. It will be based on BitARG Exchange Tokyo (which is already owned by Yahoo Japan at the tune of 40%, bought one year ago)
So there are reasons to expect growth in Bitcoin. There’s nothing crazy about hoping the price to go over six thousand. Let’s not forget that many analysts agree on this. The current year is expected to be somewhat noiseless for Bitcoin but pretty hostile for most other blockchain projects.
What about the bears?
The mother and father of all coins failed to get over the $4.185,00 line of late February this year. That was until last Tuesday’s magical 60 minutes which saw the price soar all the way up to 5.000,00. At the current price, the critical support level will be around USD 4.800,00 for the month.
What to expect, then?
We can and should expect a USD 6.000,00 level by month’s end if nothing weird happens. If something goes wrong (but nothing major) it should still close at around USD 5.500,00. It’s almost there already. The token is trading at $5,285.46 with comfortable green numbers so we wouldn’t be terribly surprised if the 6k mark gets broken even earlier than April 30th.
But as good as things look right now, it always pays to be careful. The signs are encouraging, but it would probably be a good idea to keep in mind that all this greenery in the numbers has come about because of a single hour’s worth of trading (that has not been really sustained by the market, even if the price hasn’t gone back down to 4k) while the bear’s hug lasted for sixteen months.
Image courtesy of Pixabay.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.