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Crypto community predicts Bitcoin to stay range-bound in April, dip in May

Posted on by admin
01
Apr
  • A poll by CoinMarketCap estimates that BTC will end April at $51,000 and dip thereafter, ending May around the same price it’s trading today.
  • The CoinMarketCap polls have been known to have a high accuracy in their prediction, with historical accuracy of over 80 percent.

Bitcoin has maintained its gains over the past week and at press time, it’s changing hands at $47,250, down by a mere 0.10 percent over the past day. And as many investors struggle to predict which way it’s going next, over 55,000 have expressed a belief that it will end April just above $51,000.

A poll by CoinMarketCap that saw participation from 55,742 investors at press time found the average prediction for the price of Bitcoin at the end of April will be $51,052, with the median prediction being $48,750. In March, the average predicted price was $49, 924, 5.6 percent higher than Bitcoin is trading at press time, although there are still a few hours left in March.

The community believes that Bitcoin will dip after April, with the predicted prices at the end of May and June being $47,280 and $43,695 respectively.

While the poll isn’t in any way scientific, neither are the respondents vetted, it has historically predicted the price of Bitcoin with an 82 percent accuracy.

Why is Bitcoin going up?

Bitcoin has been on an uptrend for the past month, clocking close to $9,000 in gains, or 23 percent in gains. In fact, it’s 35 percent higher since Russia invaded Ukraine.

The gain has been reported to be caused by a number of factors, from the Ukraine-Russia conflict to Terra’s continued BTC purchases, which the blockchain network says it’s taking to $10 billion to back its UST stablecoin. There are those who claim that continued macroeconomic shocks globally are pushing people towards cryptocurrencies as their faith in their respective fiat currencies continues to dwindle.

However, as one analyst notes, no one factor is solely responsible for the rise in price. Rather, it’s a combination of these factors that has allowed Bitcoin to erase this year’s losses, having traded for almost three months below the price it started the year with.

And then there’s adoption. More states, firms, family offices, and even ordinary citizens have continued to warm up to Bitcoin. Just recently, Chandler, a suburb in Phoenix, Arizona, announced that it’s now allowing residents to pay their utility bills via Bitcoin. According to one city council member, the move was necessitated by the need to serve residents ‘with the newest technology.’

Related: Web browser Opera adds support for Bitcoin, Polygon, and Solana

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