Crypto investors must utilize the stable prices of cryptocurrencies in April
April is not only the most inspiring month for poets but also the best performing month for indices. The S&P 500 and the Nasdaq have historically shown impressive performance this month of the year. Suppose the close correlation between the United States equity markets and cryptocurrencies continues. In that case, April could become an auspicious month also for digital coins and could bode well for people investing in cryptocurrency.
The crypto market might continue the upward trend begun earlier in March when the Federal Reserve announced that it would raise interest rates a quarter percent for the first time in three years. After absorbing this news, investors regained their appetite for risk-taking and influenced the prices of cryptocurrencies. The crypto market has also improved because Luna Foundation Guard kept buying Bitcoin to build a reserve for its TerraUSD (UST). What has also given cryptocurrencies a significant boost lately is institutional support. At the end of March, Goldman Sachs, BlackRock, Cowen, and Bridgewater all said they wanted to invest more resources in the cryptocurrency market.
Considering the winning streak presently enjoyed by the cryptocurrency market, analysts believe that April could be a good month for primary digital tokens. Bitcoin, Ethereum, Ripple, Cardano, and less popular tokens like VET and THETA could become promising investment assets this month.
BTC continues to enjoy a winning streak. It is attempting to consolidate above its closest support level. Investors are eyeing the token closely to see if it remains strong and surges above the 2022 yearly open price at $46,200. Indeed, the cryptocurrencies’ leader is resting precisely at the same level it was on the first of January of 2022. Yet judging by some technical indicators, investors expect it to go higher. The Bollinger Bands volatility measure shows BTC/USD hovering over the middle of the channel with a skew to the upside. The odds are already on for an attack on the $50,000 mark. If BTC reaches this mark, this will be its record level this year.
Some analysts believe that Bitcoin should still aim higher and target $65,228. As the year progresses, they suggest watching out for two primary price levels in Bitcoin: $101,856 and the $100,000 psychological barrier it follows, a 347% gain from the current price in April. Investors are genuinely looking forward to April since it has always been a winning month for Bitcoin. April is known to start BTC’s rally that extends to June and July. Investors foresee Bitcoin aiming for an all-time high of $100,000 and even $138,000 during the summer months.
April has so far proven to be a successful month also for Ethereum. Its price has drastically jumped over the past several weeks. The token has soared to the $3,470 level, hitting its highest level since the beginning of the year. Historically, April has always been a rewarding month for ETH. From April 2016 to the beginning of April 2022, the cryptocurrency’s price grew from about $11 to over $3,450. The overall increase has thus been more than 31,000%.
The holders of Ethereum and other investors predict that April will continue showering blessings upon the token. By the end of the month, ETH is foreseen to hit $3,769. The estimated price indicates a $288 or 8.29% increase from the DeFi asset’s present value of $3,479.
Several events have strengthened the bullish sentiments of Ethereum supporters. The network is being enhanced to achieve full Proof of Stake (PoS) status. The latest development in the network worth noting is the launch of the Merger testnet, the last testnet before receiving the Proof of Stake status. Much is expected from the PoS move. As the cost of transactions will be reduced, which is presently the most significant drawback of the network, the price of Ethereum is anticipated to surge.
April could be favorable also for other cryptocurrencies. Ripple, Cardano, Solana, and other digital coins should be on investors’ watch list because they might easily stage a spectacular performance this month.
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