Bitcoin price inched higher April 1 as the largest cryptocurrency begins a new month trading above $4100.
Bitcoin Price Holds Above $4100
Data from cryptocurrency exchange Bitstamp, which traditionally hosts a more conservative price tracker than other major exchanges, showed Bitcoin at $4112 at press time Monday.
BTC/USD had hit $4129 earlier in the day, marking a high not seen since a retest of the $4000 barrier in late December 2018.
As Bitcoinist reported, concerns had lingered that a failure to close out March above $3800 would result in a fresh bearish move for the Bitcoin price.
Now, however, it would appear support remains firmly in place for BTC/USD, which has managed to stay above $4000 since March 29.
Predictably, Bitcoin advocates from trading circles were buoyed by the latest price action, entrepreneur Alistair Milne summarizing the mood on social media.
“Pretty much every OG Bitcoin trader I respect is now leaning bullish,” he wrote Sunday.
Hopes Run High In 2nd Bull Week
Bitcoin price has long caused a headache for traders and investors alike after halving from $6500 to a low of $3100 last November.
Part of what many see as a necessary bear market retraction from all-time highs of $20,000 in December 2017, the pace of price decreases has since slowed. This in turn has led to concerns that the current bullish trend is a red herring, and that further losses are even essential to decisively end the Bitcoin bear market.
That theory has nonetheless failed to dent the enthusiasm of many well-known industry figures. As Bitcoinist variously noted, crypto merchant bank Galaxy Digital CEO Mike Novogratz, serial investor Tim Draper and others remain highly confident about Bitcoin price potential by 2020.
Estimates for year end vary, with a separate trend also emerging around the May 2020 Bitcoin block reward halving event.
According to calculations from venture capital firm Pantera Capital released last week, the impact of block halving may begin to appear on the market as soon as June this year.
“Although there’s only a few data points, it seems that Bitcoin’s price has shown patterns with block reward halvings,” a summary post read following near-completion of Pantera’s third VC fund.
We have seen a couple of these cycles where the tide begins to shift roughly a year in advance of these dates. Inflection points occurred 376 and 320 days prior to the 2012 and 2016 ‘halvings’, respectively. Taking their average of 348 days could indicate a bottom on June 10, 2019.
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Images via Shutterstock, Tradingview.com
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