Bitcoin Price Prediction and Analysis in April 2020 | Is BTC Affected by Coronavirus?

We will be inspecting the price history and market opinions for BTC to come up with a Bitcoin price prediction for April 2020.

Bitcoin Overview

Bitcoin is the first crypto in the world according to a market cap of $113,483,920,521 and a trading price of $6,206.98. There are currently 18,283,287 BTC in circulation out of a total of 21.000.000 BTC. $46,787,802,890 worth of Bitcoins has been traded in the last 24 hours.

Bitcoin Price Prediction: Analysis

Since the beginning of March, Bitcoin lost around 50% percent of its price in three days, and its market cap went under the $100 billion mark, prompting massive sell-offs on the market. The coin then saw a recovery of 20 percent during a 24-hour period.

In the past week, Bitcoin has rebounded from its drop to $4,800, which occurred on March 12^th. The coin continued to fluctuate between $4,000 and $5,000 levels, reaching a low of $4,100 and a high of $5,800 in that week.

On March 19^th, Bitcoin climbed back to $6,000 levels, closing the day at $6.191,19. The next day, BTC tried to reach the $7,000 resistance level but failed short at a high of $6.844,26. In the next two days, BTC oscillated between the upper values of $5,000 and the lower values of $6,000.

Source:fxstreet

Today, March 23, Bitcoin is trading at $6,202.42, with an increase of 2,40% in the last 24 hours. While the coin is not seeing a strong recovery, it is not doing all that bad on the weekly timeframe.

The major support level is set in the $4k area, and so far, the coin has managed to keep itself above it in the past week. From the histogram, Bitcoin’s bearish momentum may start to slow down. The BTC/USD pair is currently amid a very long-term bearish trend. This period is one of consolidation seeing the price recovery to $7,000 in last week.

The first resistance level is set at $5900, while the second is at $6200, and the third at $6500. The first support level is at $5700, then the second at $5300, and the third one at $4900.

The current pivot, resistance, and support levels calculated by WalletInvestor are:

• Resistance Level (R3): 7713.940
• Resistance Level (R2): 7276.160
• Resistance Level (R1): 6741.340
• Pivot Point: 6303.560
• Support Level (S1): 5768.740
• Support Level (S2): 5330.960
• Support Level (S3): 4796.140

Developments

en.cryptonomist.ch

Currently, Bitcoin is all over the crypto news, as it severely crashed this month because of the impact of the coronavirus outbreak, which affected all other financial markets as well.

The most anticipated upgrade for the Bitcoin network will occur in May and is also known as the Bitcoin halving, in which the block reward will be cut in half. This event is expected also to affect the price of Bitcoin, but most analysts expect that this will be noticed in the long-term.

Bitcoin Price Prediction: Market Opinion for April 2020

A number of crypto forecasting sites have issued their own Bitcoin price prediction for April 2020, and to better give you a sense of the market sentiment regarding the future performance of the crypto, we have included some of them in our list below.

Longforecast

Longforecast projected that BTC will be trading at $6,740 at the start of April. The site predicted that the maximum price of the coin for this month would be around $8,335, while the minimum price will be around $4,739. The month’s average price was estimated at around $6,901. The coin is predicted to have a closing price for the month of $7,790, change for April 15.6%.

Digitalcoinprice

Digitalcoinprice‘s Bitcoin price prediction for April is once again optimistic compared to other predictions, placing the coin at $12,448.72, which signifies a growth of 114.44%.

Tradingbeasts

Tradingbeasts predicted that BTC will have a price of $5,809.363 when April starts. The maximum price for the month was estimated at around $7,254.528, while the minimum price is $4,933.079. The closing price for the month of April was estimated at $5,803.622, with a change of -2.38%.

Coinpredictor

Coinpredictor expects that Bitcoin will decrease by -22.6% in April, which would place the coin at around $7,137.53.

WalletInvestor

WalletInvestor made predictions for the first 2 days of April, along with the minimum and maximum values of each particular day.

Gov.capital

Gov.capital estimated that Bitcoin would be trading at $5,715.032 at the start of April, with a maximum price of $6,572.2868 and a minimum price of $4,857.7772. Below are the rest of the predictions for all the days in April.

BTC is expected to close the month at an average price of $7,233.363, with the least possible price of $6,148.35855 and the best possible price of $8,318.36745.

Cryptorating

Cryptorating’s Bitcoin price prediction for April is very pessimistic, expecting the coin to have a loss of -49.4%, which would bring BTC to $2,934.61.

Cryptoground

Cryptoground estimated that BTC will be changing hands in April at $9,736.8819, with a decrease of 67.70%.

Bitcoin Price Prediction: Verdict

This is the end of our Bitcoin price prediction for April 2020. We hope that the information we presented here will be of help to you in your future BTC trading operations.

Featured image: The Moscow Times

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