After an initial dip on April 24, Bitcoin’s price forecast has floated on neutral sentiments since its trading range has been static since then for a few likely reasons.
Bitcoin has been relatively stagnant for over 24 hours, without any spike in volatility as well. In the early hours of April 25, it went just below $64,000, but was quick to recover back above the level. Meanwhile, Bitcoin’s price forecast has been broadly neutral. If BTC soon crosses its 20-day moving average, one may expect it to hit the $70,000 trading level.
The lower volatility in Bitcoin’s trading range will likely persist over the weekend. Moreover, the increase in US inflation rates could be the chief trigger for traders’ cautiousness. Owing to the higher inflation, investors and traders will probably wait for certainty in central bank action worldwide.
Once the bullish BTC price targets resume, Bitcoin’s trading range could see a breakout. At the same time, an altcoin price hike may also take place.
However, crypto proponents have continued their bullish stance on Bitcoin. For instance, recently, an asset manager predicted a big inflow of funds into Bitcoin soon.
Mark Yusko, the CEO of Morgan Creek Capital, said, “There’s going to be $300 billion, I believe — that’s 1% of $30 trillion — that comes into this space [within 12 months].”
BTC/USD 1D price chart
Bitcoin is currently trading at around $64,300 on April 26, 2024, with BTC/USD trading lower by a margin of 0.1% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.27 trillion in the last 24 hours.
BTC/USD is trading below its 20-day EMA (66,297.95), as BTC’s 24-hour volume was at around $31.95 billion. The global crypto market cap decreased by around 0.28%, trading above $2.36 trillion. BTC’s year-to-date returns are at 52.99%
Join Millionero for a seamless beginning to crypto trading!