A popular crypto analyst is optimistic that Bitcoin (BTC) will rally in the next few weeks after months of down-trending price action.
The host of financial education YouTube channel InvestAnswers says in a new video that he expects the price of Bitcoin to possibly go up as high as $50,000 in April.
“April historically is a bumper whether or not it’s a bear or bull market…
I think the key level is if we can get above $45,000, there’s nothing but fresh air between $45,000 and $50,000, so we could very easily rally even overnight $5,000 candle up to that thing.
But we’ve hit the 45k level three times now and it’s like a piece of glass that can’t be broken, but if we took a good run at it, it could even happen this weekend. “
According to the analyst, the adoption rate of Bitcoin is heating up behind the scenes, even as price has been underwhelming.
He anticipates that in the coming weeks, adoption will force BTC to pop up, potentially triggered by the de-escalation of war in Eastern Europe.
“I just think the world is waking up. I used to call it a money flow game, but now it’s an adoption game. If you look at all of the on-chain data, everybody’s just nibbling at it and gobbling up as much Bitcoin as they can and [it] will, one day, become that flight to safety, but that day may already gradually be here, so getting to $50,000 is very probable, probably could even be a lot higher in April if we get a historical April…
Beginning peace is the macro issue. That all depends on is there an escalation in Ukraine or do we solve that problem… If there is peace, we are going above $50,000 in April.”
At time of writing, Bitcoin is trading for $42,236.01.
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Source: https://dailyhodl.com/2022/03/20/top-analyst-predicts-bitcoin-btc-recovery-over-next-month-as-adoption-game-accelerates/