Top Reasons Why Bitcoin(BTC) Price Could Still Hit $50,000 in April 2022!

The post Top Reasons Why Bitcoin(BTC) Price Could Still Hit $50,000 in April 2022! appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

It was the year 2020 when many felt the need for parallel money which secured the value of one’s hard-earned money. And ever since then many agencies and nations went after the star crypto negatively and also positively. Now when Bitcoin is was on its way to going much beyond its ATH, multiple external factors hinder its progress. The current slash is also among them which is speculated to be fueled by the recent FED announcements regarding the interest rates. 

While the fear of slashing down close to $42,000 still haunts the rally, some metrics point to the resurgence of the Bitcoin bull rally!

Increase in Trader’s Confidence

Trader’s confidence is the rally turns the tables for the asset in the bearish times and bullish times as well. Currently, the reserve risk of Bitcoin is pretty low while the price remains within the higher ranges. And hence it signifies that the long term holders are holding their assets and not sending them to the exchanges, rather seem to have to buy all the time. And hence this may be the major factor that holds the BTC value above $42,000 during most of the price slashes. 

Exchange Reserves Keep on Depleting

The Bitcoin on exchanges is only when the buying and selling are happening. An increase in the reverse is speculated to increase the volatility and eventually induce some momentum in price regardless of the direction. Currently, the exchange reserves are depleting largely and hitting the rock bottom levels of less than 2.4 million. This clearly indicates that most of the traders are currently accumulating the asset and holding, probably waiting for a massive BTC bull run. 

Bitcoin Selling Halted From More than 200 Days

The co-founder of an on-metrics platform shared a chart that shows mounted buying volume on Bitcoin for a very long time. Moreover, the current accumulation also surpassed the 2020 accumulation which remained nearly 188 days. BTC prices throughout Q4 2021 and Q1 2022 managed to accumulate while the selling pressure faded away. 

Collectively, the Bitcoin price appears to be still in place to hit the required target in April 2022 at $50,000. Despite the current price slash, the Fed FUD appears to have a limited impact. And hence, after a brief descending trend, the BTC price is utilizing all its resources to settle strong within the uptrend towards the $50,000 target.