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Bitget, a well-known crypto exchange, has recently shared some news in a forecast regarding the price projections of Bitcoin for April, specifically concerning the famous halving event.
Let’s see below all the details.
Summary
Post-halving predictions: market news and Bitcoin price
As anticipated, Bitget has recently shared forecasts regarding the price of Bitcoin for the month of April, focusing on the significant event of the halving.
According to these predictions, the expected price range for BTC in April varies between $62,000 and $90,000. This range is mainly influenced by two main factors.
First of all, the continuous inflation of funds through the BTC Spot ETF. After the approval of the BTC spot ETF by the SEC, Wall Street has shown a strong interest accumulating purchases for 200,000 BTC.
This buying spree has pushed the price of BTC to reach $73,000. It is expected that the BTC spot ETF will continue to be a significant source of fund inflow throughout April, which could further raise the price of BTC.
Another important aspect is the impact of the Bitcoin halving on the market. As we know, in April the quarterly event of the BTC market halving will occur.
After this event, daily BTC emissions will be reduced to 450, with an annual increase limited to only 160,000 units. This increase is equivalent to just one month of purchases for Wall Street.
With continuous investments from Wall Street and the effects of the halving on the market, it is expected that the next bull market for BTC is coming soon. April therefore plays a crucial role in determining the trend of the months to come.
Bitcoin bullish trend: prospects towards new highs
As we know, Bitcoin reached a peak of $73,666 on March 13, but then encountered several complications along the way. The recovery was interrupted when the price slipped below the moving average, reaching a low of $60,870.
However, buyers’ enthusiasm has supported the market, pushing the price above the 21-day SMA and bringing Bitcoin back into the bullish zone, with the current valuation of about $70,319.
Some analysts predict that the current bullish trend will continue until reaching the previous high of $73,666. If buyers manage to overcome this resistance, Bitcoin could target the psychological level of $80,000.
The current bullish momentum has been evident with the crossing of the 21-day SMA for two consecutive times. However, the price movement has been slowed down by the formation of doji candles.
Bitcoin is approaching its all-time high, but its ability to surpass it remains uncertain. Breaking through this threshold could mean a further increase in value, while failure could lead to a sideways phase in the market.
In any case, Bitcoin should remain above the moving average to maintain the bullish trend, even though it could be traded below the resistance of $73,000.
Bitcoin ETF Perspectives
The chief investment officer of Bitwise, Matt Hougan, recently expressed confidence in the future of spot Bitcoin (BTC) exchange-traded funds (ETFs), predicting a steady flow of investments in the coming years.
Hougan, followed by over 40,700 users on X, argues that there is a large pool of customers who, although not yet invested in BTC ETFs, will likely be in the future.
According to Hougan, the trend of inflows into Bitcoin ETFs will continue over time. Adoption varies significantly among professional investors, with some already invested while others still need to consider the option.
However, Hougan believes that over 100 processes of due diligence in the next two years will change the landscape.
Contrary to gold ETFs, Hougan predicts a faster adoption ramp for Bitcoin ETFs, although he emphasizes that it will still take years to achieve full adoption.
Hougan suggests that Bitcoin ETFs will help increase trust in the digital asset, prompting investors to increase their allocation of BTC in their portfolios.
According to him, the standard allocation of 3% surpasses the old standard of 1%, as ETFs reduce the risk of significant losses, paving the way for a higher and safer allocation towards Bitcoin.