BTC Price Predictions: Bitcoin Price Might Hit $32K By End Of April Predicts Analyst

0
18

Why Is Bitcoin Going Up

The post BTC Price Predictions: Bitcoin Price Might Hit $32K By End Of April Predicts Analyst appeared first on Coinpedia Fintech News

As Bitcoin continues its largely upward trend, investors and traders are eager to know what’s next for the world’s largest cryptocurrency. Crypto analysts Austin Arnold and Tom Crown recently shared their thoughts on the future of Bitcoin’s price trajectory in a video analysis on Austin’s YouTube channel Altcoin Daily. So, what can investors expect in the short and long term?

Macro Factors

According to Austin, compelling macro factors are at play, making him bullish on Bitcoin’s future. Despite his optimism, he shared some concerns about the current market conditions. He noted a similar desperation that was felt in 2018 when Bitcoin’s price fell from around $6k to $3k. However, he also reiterated that the rally in 2019 is guiding his predictions for this year because the two pretty much have the same pattern.

Short-Term and Long-Term Prediction

Tom shared a basic pattern called a broadening wedge, which shows three touches to the top of a trend, two to the bottom, and a breakout. He pointed out that the recent pullback to the trend, followed by a move to the upside, is a recipe for another move to the upside. He predicts that by the end of the month, Bitcoin could reach $32k, and by the end of the year, he expects it to hit $42k.

Both Austin and Tom believe that Bitcoin’s price will follow a similar trajectory to the rally in 2019 until proven otherwise. They hope to see a new all-time high this year, but they agree that the price may correct after reaching $48k. Tom believes that Bitcoin could hit $100k by the end of 2023, whereas Austin is more conservative, predicting a new all-time high between $60k to $80k.