Reserve

2024

Bitcoin

April

<div class="finbold">
 <p class="paragraph">Bitcoin (BTC) has once again captured the spotlight this week, exhibiting significant fluctuations in its price amidst a complex backdrop of global economic shifts and cryptocurrency-specific developments.&nbsp;</p>
 <p class="paragraph">As of April 2, 2024, Bitcoin‘s price hovers at $65,816 down by approximately 7.97% over the past week.&nbsp;This recent downturn has pushed the market capitalization of Bitcoin to $1.293 trillion.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="836" src="https://cdn.thebittimes.com/images/2024/04/03/a838f0fdeb35c70842fb236ba0ead8cb.webp" alt class="wp-image-166039" srcset="https://cdn.thebittimes.com/images/2024/04/03/a838f0fdeb35c70842fb236ba0ead8cb.webp 1024w, https://cdn.thebittimes.com/images/2024/04/03/a838f0fdeb35c70842fb236ba0ead8cb.webp 300w, https://cdn.thebittimes.com/images/2024/04/03/a838f0fdeb35c70842fb236ba0ead8cb.webp 768w, https://cdn.thebittimes.com/images/2024/04/03/a838f0fdeb35c70842fb236ba0ead8cb.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin 7-day price chart. Source:&nbsp;</em><em>Finbold</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-key-btc-levels-to-watch">Key BTC levels to Watch</h2>
 <p class="paragraph">Bitcoin’s current trading dynamics present a crucial juncture, with the cryptocurrency testing key support and resistance levels.&nbsp;</p>
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   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <p class="paragraph">The immediate support level is identified at $63,119, closely followed by a more optimistic resistance level at $68,858.&nbsp;</p>
 <p class="paragraph">According to predictions from AI machine algorithm models, Bitcoin is expected to see a slight adjustment to around $65,417 by the end of April 2024, marking a noticeable decrease from its present valuation.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="332" src="https://cdn.thebittimes.com/images/2024/04/03/5d71890c06237e1b643d8e9b2be3b1e0.webp" alt class="wp-image-166037" srcset="https://cdn.thebittimes.com/images/2024/04/03/5d71890c06237e1b643d8e9b2be3b1e0.webp 1024w, https://cdn.thebittimes.com/images/2024/04/03/5d71890c06237e1b643d8e9b2be3b1e0.webp 300w, https://cdn.thebittimes.com/images/2024/04/03/5d71890c06237e1b643d8e9b2be3b1e0.webp 768w, https://cdn.thebittimes.com/images/2024/04/03/5d71890c06237e1b643d8e9b2be3b1e0.webp 1088w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   BTC Prediction, April 30, 2024. Source: PricePredictions
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-the-impact-of-global-economic-factors-on-bitcoin">The impact of global economic factors on Bitcoin</h2>
 <p class="paragraph">A significant factor contributing to Bitcoin’s recent price movements is the strengthening of the US dollar. Following upbeat US factory data, the dollar index (DXY), which measures the greenback’s strength against a basket of major fiat currencies, surged past the 105 mark, reaching its highest level since mid-November.&nbsp;</p>
 <p class="paragraph">This four-week gain of 2.58% has made dollar-denominated assets like Bitcoin and gold more expensive and potentially less attractive to investors, leading to decreased demand.</p>
 <p class="paragraph">Moreover, the continued strength of the dollar is anticipated to induce financial tightening globally, diminishing the appetite for riskier investments such as cryptocurrencies. Despite these challenges, some analysts remain optimistic, suggesting that the increasing fiscal debt might compel the Federal Reserve to rapidly lower interest rates, potentially providing a significant boost to crypto markets.&nbsp;</p>
 <p class="paragraph">This optimism is set against the backdrop of the Fed’s aggressive rate hikes from zero to 5.5% within 16 months up to July 2023, a move that played a part in Bitcoin’s 80% <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> crash in 2022.</p>
 <h2 class="wp-block-heading" id="h-the-role-of-cryptocurrency-specific-factors">The Role of Cryptocurrency-Specific Factors</h2>
 <p class="paragraph">Beyond global economic indicators, Bitcoin is also navigating through critical events specific to the cryptocurrency domain. The impending quadrennial mining reward halving later this month adds another layer of uncertainty and volatility to Bitcoin’s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> dynamics.&nbsp;</p>
 <p class="paragraph">Crypto expert Michael van de Poppe commented on the situation, noting the likelihood of the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> peaking pre-halving, followed by a period of consolidation and subsequent continuation.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">#Bitcoin consolidating and #Bitcoin peaking pre-halving.<br><br>Two essential ingredients and I think we won't be seeing a new ATH pre-halving.<br><br>If Bitcoin dips further in the Summer, I'll be happy to be buying it at $56-60K.<br><br>It's still altcoins time. pic.twitter.com/CongTohvNA</p>— Michaël van de Poppe (@CryptoMichNL) April 3, 2024
   </blockquote>
  </div>
 </figure>
 <p class="paragraph">Additionally, behavioral <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> from the platform Santiment indicates a robust community response to the recent <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> drops. Despite a retracement in Bitcoin and even more significant losses in altcoin market caps to kick off April, the crypto community has shown resilience.&nbsp;</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">Is #crypto still in a #bullmarket after #Bitcoin's +144% <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> return since October 15th? Well, according to the crowd, the belief has fizzled out significantly. Historically, less long-term optimism increases the probability of a continued market rise. https://t.co/J4o0RdgEuT pic.twitter.com/4C7ooFl1r7</p>— Santiment (@santimentfeed) April 2, 2024
   </blockquote>
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 </figure>
 <p class="paragraph">The sentiment is notably bullish, with discussions around purchasing Bitcoin doubling those related to selling. Historical trends suggest that such sentiment could signify an opportune moment for investors to buy the dip, often resulting in a redistribution of assets from smaller wallets to more substantial investors, known as whales and sharks.</p>
 <p class="paragraph">With several job reports and other critical indicators on the horizon such as the Bitcoin halving, the coming weeks are poised to be a critical period for Bitcoin and the broader cryptocurrency market. Investors and observers alike will be keenly watching how these various factors play out in influencing Bitcoin’s value and the cryptocurrency landscape at large.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/machine-learning-algorithm-predicts-bitcoin-price-for-april-30-2024-tbt84345.html">https://thebittimes.com/machine-learning-algorithm-predicts-bitcoin-price-for-april-30-2024-tbt84345.html</a></p>

Machine learning algorithm predicts Bitcoin price for April 30, 2024

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