BTC price could climb in April and reach new highs above $60,000
Bitcoin has risen above $58,000 after holding off sellers near $57,700, with analysts suggesting the BTC/USD pair could push significantly higher in April.
A sustained monthly close to the upside would likely draw investors into what historically has been a bullish April, with potential targets that exceed the previous all-time high of $61,683.
Bitcoin price set to rise in April
The world’s largest and most widely traded cryptocurrency has maintained a bullish outlook despite briefly testing the $50,000 level in March.
Industry expert Danny Scott expects BTC’s price to strengthen as the market moves into April. According to the CoinCorner CEO, Bitcoin has gained an average of 51% in April over the past decade.
In comments to Forbes, Scott noted that Bitcoin recorded negative Aprils only in 2014 and 2015. Those declines of 4% and 6% respectively occurred during a broader bear market.
Analyst Willy Woo echoes this bullish view, pointing to increased buying activity as a signal that the current bull run may be entering a stronger phase.
On the podcast “What Bitcoin Did,” Woo highlighted substantial institutional buying on Coinbase combined with large withdrawals, suggesting major holders do not intend to sell immediately. He argues that Bitcoin’s price could continue rising in line with the historical four-year cycle that produced major peaks in 2013 and 2017.
Bitcoin price outlook
Bitcoin is trading just above $58,000 after breaking the resistance trendline of a descending parallel channel on the daily chart.
Crypto analyst Ali Martinez says Bitcoin only needs to break one more resistance line for prices to surpass $60,000 again. IntoTheBlock’s In and Out of the Money Around Price (IOMAP) data shows a key resistance area at $58,900, where nearly 300,000 addresses previously bought about 88,000 BTC.
If the bullish momentum seen over the past 24 hours continues, BTC/USD could retest the $60,000 area. From there, bulls may target new record levels near $62,000, with further upside targets at $64,990 and $68,981.
On the downside, IOMAP cohort data indicates Bitcoin has a support floor between $52,900 and $56,400. This range provides strong support, with more than 1.40 million addresses having purchased about 1.22 million BTC in that price band.
The 20-day simple moving average initially supports the price at $56,617. If prices fall and break the 23.6% Fibonacci level at $53,039, the decline could extend toward the 50-day simple moving average near $52,630.