Bitcoin Halving Forecast: BTC Price Set to Increase by 15% in April, Here’s the Reason
Bitcoin kicks off the month of April with a price of $69,650 USD, after reaching a record-breaking high of $73,750 in mid-March. Market experts predicted that with the approval of ETFs and the upcoming BTC halving event, Bitcoin could potentially reach an average peak price of $87,875 in 2024.
Meanwhile, Zia Ul Haque, the Founder of Open4Profit, believes that April will be a better month than March for Bitcoin. The question remains whether it will be a month filled with Bitcoin highs or if it will be the usual roller coaster ride for the crypto market.
Zia Ul Haque, a well-known crypto market coach, highlighted in a recent tweet that Bitcoin has historically experienced a revival in the month of April after facing downturns in March. According to his analysis, Bitcoin has had an average gain of 14.2% in April.
He shared a comparative analysis of the monthly gains in Bitcoin price from 2013 to 2024. Despite it being only the first day of April, the data suggests that April could be a month of recovery for Bitcoin, which recently fell below the $70,000 resistance level.
Several factors could potentially boost Bitcoin in April. In the fiscal year 2024, Bitcoin’s price has surged by over 150% in the past twelve months, outperforming other assets like Nifty50 and Gold. The approval of Bitcoin ETFs by the Securities and Exchange Commission in January 2024 has also played a significant role in driving the price of Bitcoin higher. Additionally, the upcoming Bitcoin halving event in April 2024 is expected to further strengthen the position of the cryptocurrency. This event will reduce the number of new Bitcoins entering the market each day, potentially leading to more significant shifts in supply and demand dynamics in the following fiscal year.
After reaching an all-time high of $73,350 in March 2024, the price of Bitcoin has experienced a decline. However, with Zia Ul Haque’s positive outlook for April and the upcoming halving event, it is highly likely that the token will see a positive outcome in the pre-halving phase.
Tags: Bitcoin, Price Analysis