At the beginning of the next working week, members of the crypto community gave a Bitcoin forecast. Many believe that BTC cryptocurrency is on the verge of active growth.
What’s happening with Bitcoin?
Bitcoin started the work week with a fall. Over the weekend, BTC broke through the $64,300 level. As of the time of writing, the cryptocurrency is trading at $62,423.
Other leading coins in capitalization followed Bitcoin and also showed negative dynamics at the beginning of the week. The Fear and Greed Index , which tracks crypto investor sentiment, remains in the green despite the market decline.
BTC Forecast: Community Anticipates Active Growth
Many representatives of the crypto industry, despite the fall of BTC after halving , are expecting active growth of the cryptocurrency this week. Trader “Coosh” Alemzadeh believes that Bitcoin’s transition to a positive movement has begun. Judging by the presented chart, he is waiting for confirmation of BTC’s growth until the end of April.
Vivek, founder of Bitgrow Lab, agreed with the opinion that BTC is on the verge of growth. He illustrated his positive forecast for Bitcoin using a graph comparing cryptocurrency behavior patterns. Meanwhile, Trader Captain Faibik joined his colleagues. In his opinion, this week BTC will begin to move towards $100 thousand.
Meanwhile, trader Doctor Profit claims that on-chain analysis of Bitcoin gives only positive signals. However, he warned investors about high volatility this week. According to his observations, BTC is moving sideways between $60 thousand and $72 thousand. He noted that he sees a “bull flag” technical analysis figure on the daily Bitcoin chart, which indicates the potential for the coin to rise soon. The trader is sure that the prospects for BTC to move into a positive movement are also indicated by the history of the cryptocurrency’s behavior.
Doctor Profit explained the forecast of increased volatility with the upcoming meeting of the Federal Open Market Committee of the US Federal Reserve, during which representatives of the regulator will give signals on plans for monetary policy, however, the meeting will take place on May 1, 2024.
Price Correction Looms as Feds Hike More Likely
Crypto investors are waiting for the Fed to move to lower the key interest rate, as changes could increase the investment attractiveness of highly priced assets such as cryptocurrency. As of the time of writing this review, over 97% of market participants believe that the Fed will not cut rates at the next meeting.
Some members of the crypto community see the potential for a deeper correction ahead of BTC’s expected transition to growth. For example, crypto blogger Stockmoney Lizards admits that Bitcoin will fall to $50 thousand in the near future. In the other hand, Maksim Balashevich, CEO of Santiment, shared his thoughts recently on what is happening in the market and explained why investors should be especially careful after the recent halving.
