Bitcoin, which has been on the rise lately, broke the $69,000 resistance, boosting optimism among investors. Experts predict that the price of Bitcoin will reach $71,700 and hit a record level. The remaining weeks of April are expected to be volatile due to US economic data and the Bitcoin halving.
Crypto Currency Expert Opinions
Crypto analyst Dylan LeClair expressed that if the price of Bitcoin climbs between $70,000 and $75,000, downward pressure on sell positions will be felt. According to CoinGlass data, a $174 million short position will be liquidated at the $70,000 level, rising to $830 million at $75,000.
Bitcoin Price Won’t Show Decline
LeClair argues that it is unlikely for Bitcoin to fall to $50,000. Considering current support levels and liquidation sizes, he believes it is unlikely to happen. According to the analyst, the sudden lack of supply and high bottoms in the derivative market reduce the likelihood of a decline.
Helpful Information for the Reader
Bitcoin’s current price hike is supported by positive expert evaluations.
Bitcoin halving and US economic data may cause price volatility in April.
A significant short liquidation is possible with a price between $70,000 and $75,000.
Bitcoin is not expected to drop below $50,000.
BlackRock’s ETF update could increase confidence and investor demand.
In addition to LeClair’s bullish forecasts, BlackRock’s update to the Bitcoin ETF prospectus and the addition of new participants indicate increased confidence and investor demand in the market. These developments contribute to optimistic expectations for the future of Bitcoin price.
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