Bitcoin Price is Rising: Expert Predictions and Expectations

Bitcoin, which has been on the rise lately, broke the $69,000 resistance, increasing optimism among investors. Experts expect the price of Bitcoin to reach $71,700 and a record level. The remaining weeks of April are expected to be eventful due to US economic data and the Bitcoin halving.

Cryptocurrency Expert Evaluations

Cryptocurrency analyst Dylan LeClair stated that if the price of Bitcoin rises to between $70,000 and $75,000, selling pressure would be under strain. According to CoinGlass data, when the price reaches $70,000, $174 million worth of short positions will be liquidated and when it reaches $75,000, $830 million worth of short positions will be liquidated.

Bitcoin Price Won’t Fall

LeClair argues that it is unlikely for Bitcoin to drop to $50,000. Considering the current support levels and liquidation sizes, he believes that this is not possible. According to the analyst, a sudden lack of liquidity in the derivative market and the structure of high troughs reduce the probability of a drop.

Useful Information for the Reader

The current rise in the price of Bitcoin is supported by positive expert evaluations.
Bitcoin halving and US economic data may cause price fluctuations in April.
A serious short liquidation is possible within a price range of $70,000 – $75,000.
It is not expected for Bitcoin to drop below $50,000.
BlackRock’s update on the ETF can increase confidence and demand among investors.

In addition to LeClair’s rise predictions, BlackRock’s update on the Bitcoin ETF prospectus and adding new participants shows that it creates more confidence and investor demand in the market. These developments contribute to the optimistic expectations for the future price of Bitcoin.