Bitcoin to close April above $90K When & where this bull wave will top

Bitcoin to close April above $90K

Bitcoin has been on a tear in recent months, reaching new all-time highs on a regular basis. Some analysts believe that the cryptocurrency could close Bitcoin to close April above $90K, while others are more cautious and predict that the bull wave will top out sooner.

Factors supporting a Bitcoin close above $90K in April

There are a number of factors that could support a Bitcoin close above $90K in April:

  • Increased institutional adoption: Institutional investors are increasingly adopting Bitcoin, which is driving up demand and price. For example, Grayscale Investments, the world’s largest digital asset manager, has over $40 billion in assets under management, most of which is in Bitcoin.
  • Growing interest from retail investors: Retail investors are also becoming more interested in Bitcoin, as evidenced by the rising number of new cryptocurrency accounts being opened. For example, Coinbase, one of the largest cryptocurrency exchanges, has over 68 million verified users.
  • Limited supply: Bitcoin has a limited supply of 21 million coins, which makes it attractive to investors who believe in its long-term value.
  • Technical analysis: Some technical analysts believe that Bitcoin is on track to reach $90K or higher in April. For example, analyst PlanB has developed a stock-to-flow model that predicts Bitcoin’s price based on its scarcity. This model suggests that Bitcoin could reach $92K by the end of April.

Factors that could limit Bitcoin’s price growth

Despite the factors that are supporting Bitcoin’s price growth, there are also a number of factors that could limit it:

  • Regulatory uncertainty: Bitcoin is still a relatively new asset class, and there is some regulatory uncertainty surrounding it. For example, the US Securities and Exchange Commission (SEC) has yet to approve a Bitcoin ETF.
  • Volatility: Bitcoin is a volatile asset, and its price can fluctuate wildly. This could deter some investors from investing in the cryptocurrency.
  • Competition from other cryptocurrencies: There are thousands of other cryptocurrencies on the market, and some of them are gaining popularity. For example, Ethereum is the second-largest cryptocurrency by market capitalization, and it is growing in popularity due to its use in decentralized finance (DeFi) applications.

When and where will this bull wave top?

It is difficult to predict when and where the current Bitcoin bull wave will top. However, some analysts believe that it could top out in April or May. For example, analyst PlanB believes that Bitcoin could reach $92K by the end of April, but that it could then fall back to $60K in May.

Other analysts are more cautious and believe that the bull wave could top out later in the year. For example, analyst Willy Woo believes that Bitcoin could reach $100K by the end of the year, but that it could then fall back to $60K in early 2024.

It is possible that Bitcoin will close April above $90K, but it is also possible that the bull wave will top out sooner. Investors should carefully consider their own risk tolerance and investment goals before investing in Bitcoin.