The oldest cryptocurrency neared the $50,000 mark in Thursday trading. It has been on a downward trend since mid-March. But the market is forecast by some analysts to be preparing for April, which has historically been one of Bitcoin’s strong months.
Based on the current market settings and how options traders bet on Bitocin, it looks like Bitcoin could break the recent all-time record of $61,000 in April. Analysts say bitcoin’s price could climb as high as 80,000 in April. But whether these expectations will actually come true is highly uncertain.
Bitcoin has been on a downward trend in the last two weeks, with investors taking profits or minimizing their losses if they bought Bitcoin at too high a price. Bitcoin could be helped by news that has fueled its growth in the past. For example, information that Tesla has invested $1.5 billion in Bitcoin, or that its cars will be able to pay for Bitcoin.
In recent days, the market has shown little sensitivity to Fed Chairman Jerome Powell’s comments about continuing to support the US economy. Investors appear to have included these reports in their decisions before.