Our latest Bitcoin price prediction article for March 2019 mentioned about the Bitcoin Bullish Scenario that “ Our upside price target for March 2019 is the price level of $4175-$4220, where the daily upper Bollinger band should provide resistance and possibly some profit taking.”
Bitcoin during March 2019 did not manage to close above the price level of $4170, with a range-bound price action between the high price of $4100 and low price of $3670. Can this price consolidation lead to a breakout in April 2019?
Bitcoin performance year-to-date
Bitcoin price performance for early 2019 has been positive, as the year-to-date performance as of April 1, 2019 is +8,08%. As we are still in early April 2019 the price of Bitcoin is in a narrow trading range between $4100-$3600. Some key statistics for Bitcoin as of April 1, 2019 are:
- Market Cap: 73.04 B
- Circulating Supply: 17.62 M
- Current price is $4145
- 52 Week Low-52 Week High: $3,178.33- $9,954.95
- Volume: 9.81 B
- Maximum Supply: 21.00 M
- Rank 1 on CoinMarket for top 100 cryptocurrencies based on their market capitalization.
Bitcoin price prediction for April 2019
What are some Bitcoin price forecasts for April 2019 by online sources?
LongForecast.com estimates the following Bitcoin price prediction for April 2019. An open price of $4113, a minimum-maximum range of $3830-$4669 and a close price of $4304 for a monthly return of +4.6%. it is the second consecutive month that LongForecast is optimistic about the future price of Bitcoin. A breakout above the price level of 4100 may lead the price higher, as during March 2019 the price level of 4100 proved to be a very strong resistance level.
PrevisionBitcoin.it mentions in its Bitcoin forecast for April 2019 “On April 2019 Bitcoin may heavily boost its price. We assume as high predictable a mass adoption of this cryptocurrency next months. We expect on April 2019 a Bitcoin rise with a strong capitalization and consequently a concrete value per coin increase.” It also provides a minimum price for Bitcoin which is $3846.72.
Coinpredictor.io last month was very pessimistic on Bitcoin. It continues to be over the long-term as it forecasts that “Our unique event-based Bitcoin prediction algorithm is estimating that BTC dollar value is going to reduce and will be -11.7% reaching towards $3,631.51 by 06-03-2020.” However, for April 2019 there is a 4-week prediction price of $4199.06, about +2.1% compared to the current price of about $4145. For the following 3 months the forecast for Bitcoin is for a very large decline, and a predicted price of $1,488.79.
WalletInvestor.com provides a range of Bitcoin prices for the next 14-days. Its Bitcoin price prediction is that Bitcoin price target in 14 days could be $4245.407 to the upside and $4040.038to the downside. However, its forecast trend line has a positive slope which indicates optimism about the Bitcoin price soon.
Bitcoin monthly price predictions based on technical analysis
As a reminder our Bitcoin price prediction for April 2019 is not an investment recommendation, rather an article to inform and express our opinion.
Bitcoin price prediction for April 2019 – Bullish scenario
There is strong support at the price levels of $3650, $3750 and $3430 showing that it will be difficult for the price of Bitcoin to drop below all these three levels in April 2019. We note a consolidation phase and the fact that both 20-period and 50 -period exponential moving averages are flat indicating that a breakout may occur sometime during this month. We wrote the same in our latest article one month ago.
However, the strength of the trend that caused the rally in February 2019 is no longer evident in the market. And for April 2019 our forecast is the same., nothing has changed. Our upside price target for April 2019 is the price level of $4175-$4500. The weekly chart shows that there should be strong resistance at the price level of $4500.
Bitcoin price prediction for April 2019 – Bearish scenario
Bitcoin could not close above the high price of $4187 formed during late February 2019. This shows lack of bullish potential. Bitcoin is struggling for a direction. We estimate that the range of $4100-$3800 should probably hold during April 2019.
The price level of $4140-$4150 is strong enough while at the lower price of $3800 sellers tend to give more room to buyers. The dominant trend maybe the uptrend, as +DI line is above the -DI line, but the strength of the trend is weak, MACD indicator is flat and Stochastics indicator (14,3,3) as of April 1, 2019 has reached overbought levels.
Bitcoin Price Forecast April 2019 Conclusion
Our forecast is that range-bound price action between $4100-$3800 has plenty of odds to continue in April 2019.