The Bitcoin (CRYPTO: BTC) price is up 1.5% over the past 24 hours, currently trading for US$46,695 (AU$61,611).
Depending on your dateline, Bitcoin will have kicked off April somewhere around US$47,397, though it had some wild swings on the first day of the month.
With the worlds biggest crypto by market cap enjoying a range of tailwinds last month, the Bitcoin price finished March up 20%.
But thats virtual water under the bridge.
What crypto investors want to know now, of course, is what to expect for the Bitcoin price in April.
Where to next for the Bitcoin price？
Over the past few months, cryptos have moved similarly to risk assets, like high-growth tech shares.
With risk appetite rebounding, the Bitcoin price has done well.
Looking to April and beyond, DeVere Group chief executive Nigel Green says crypto investors should keep a close eye on the key psychological price barrier of US$50,000.
If the Bitcoin price were to “surge through this key price marker, we expect the current bull run would become supercharged as crypto FOMO [fear of missing out] would kick in – as it typically does when Bitcoin prices shoot up,” Green said.
Green said that as prices rebound, it will remind people sitting on the sidelines that cryptos are the “future of money”:
As such, prices are set to skyrocket over the long term – and both institutional and retail investors will not want to miss out on the ‘early advantage’ edge. Watching others make decent returns during a good rally may make you feel obligated to join in and get in on the gains.
“The world is racing towards a digital revolution and as investors increasingly pay attention to this, the long-term trajectory for Bitcoin, surely, has to be upward,” he added.
Still rangebound
While the Bitcoin price has toyed with breaking above its key resistance level, hitting US$48,087 last week, its been stuck in the US$30,000 to US$50,000 range since 5 December.
That, according to co-founder of Bitcoin IRA Chris Kline, may not bode well for the Bitcoin price in the shorter term.
According to Kline (quoted by Bloomberg):
There seems to be a range where Bitcoin starts to look like a pong game. There are headwinds across markets, not just in crypto. We‘ve got inflation that is not transitory. There’s uncertainty around rate hikes and conversations about a recession. There is a lot of waiting on the sidelines.
Regardless of whether the next big move for the Bitcoin price is up or down, senior portfolio manager at UBS Asset Management Jeremy Zirin sounded a note of caution for crypto investors.
“From an investment standpoint, it should be viewed as something that is highly speculative and should not be a meaningful part of a client portfolio because of its very high levels of volatility and just uncertain utility over time,” he said.
“I see it more as a speculative component of ones portfolio.”
Indeed, from a speculative perspective, the Bitcoin price is down 32% from its 10 November all-time high of US$68,790, while its up 40% from its 24 January low of US$33,184.
Invest with care.
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