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 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 12th. 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 19th, 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.
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
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 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‘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 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 expects that Bitcoin will decrease by -22.6% in April, which would place the coin at around $7,137.53.
WalletInvestor made predictions for the first 2 days of April, along with the minimum and maximum values of each particular day.
|Date||Price||Min Price||Max Price|
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.
|Calendar date||Regular||Least possible price||Best possible price|
|2020 April 01, Wednesday||5715.032||4857.7772||6572.2868|
|2020 April 02, Thursday||5930.066||5040.5561||6819.5759|
|2020 April 03, Friday||6168.569||5243.28365||7093.85435|
|2020 April 04, Saturday||6142.010||5220.7085||7063.3115|
|2020 April 05, Sunday||5983.344||5085.8424||6880.8456|
|2020 April 06, Monday||6003.451||5102.93335||6903.96865|
|2020 April 07, Tuesday||6163.408||5238.8968||7087.9192|
|2020 April 08, Wednesday||6230.076||5295.5646||7164.5874|
|2020 April 09, Thursday||6164.806||5240.0851||7089.5269|
|2020 April 10, Friday||6144.724||5223.0154||7066.4326|
|2020 April 11, Saturday||6197.757||5268.09345||7127.42055|
|2020 April 12, Sunday||6271.733||5330.97305||7212.49295|
|2020 April 13, Monday||6520.852||5542.7242||7498.9798|
|2020 April 14, Tuesday||6571.530||5585.8005||7557.2595|
|2020 April 15, Wednesday||6656.919||5658.38115||7655.45685|
|2020 April 16, Thursday||6580.482||5593.4097||7567.5543|
|2020 April 17, Friday||6608.259||5617.02015||7599.49785|
|2020 April 18, Saturday||6707.756||5701.5926||7713.9194|
|2020 April 19, Sunday||6714.905||5707.66925||7722.14075|
|2020 April 20, Monday||6840.233||5814.19805||7866.26795|
|2020 April 21, Tuesday||7007.639||5956.49315||8058.78485|
|2020 April 22, Wednesday||7047.572||5990.4362||8104.7078|
|2020 April 23, Thursday||7095.473||6031.15205||8159.79395|
|2020 April 24, Friday||7220.432||6137.3672||8303.4968|
|2020 April 25, Saturday||7241.038||6154.8823||8327.1937|
|2020 April 26, Sunday||7037.710||5982.0535||8093.3665|
|2020 April 27, Monday||7183.624||6106.0804||8261.1676|
|2020 April 28, Tuesday||7243.068||6156.6078||8329.5282|
|2020 April 29, Wednesday||7276.099||6184.68415||8367.51385|
|2020 April 30, Thursday||7233.363||6148.35855||8318.36745|
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’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 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