BTC Hits $30,000 with an 80% YTD Gain – Is $40K a Realistic Target in April?

Bitcoin has gained 47% in the last thirty days, breaking past the year-to-date high of the $30,000 mark and colouring most of the market green. Despite the macro-market downturns, BTC has surpassed expectations. It strengthens the speculation that an increasing number of investors are finding a haven in cryptocurrencies as the traditional market disappoints time and again. 

Most of them dip their toes in the market with BTC, the cryptocurrency worth a $580B market cap, being the most reliable choice. As BTC acquires new investors and existing investors diversify their portfolios, where is BTC headed? Let’s take a look. 

BTC YTD price chart, 11 April 2023, Source: CoinMarketCap 

Bitcoin Price: An Analysis  

Bitcoin started this year at $16.5K and the price stands at $30,078 now. That is an 81% jump in a matter of a little more than three months. The growing confidence among investors in BTC has also taken an impact on the broader market, which boasts a total market cap of $1.24T. 

Stepping into April, BTC hit resistance at $28,100. It oscillated between $27,900 for a few days, before rising to $28,390 on April 10 and $30,200 on April 11. $30,200 is not only the highest price BTC has managed to secure this year, but also since June 2022.

While BTC looks bullish now, that was not the case a month back when it was taking the brunt of a series of bank collapses. The Crypto Fear and Greed Index has remained firmly within the “Greed” territory since last week. And BTC has set new expectations now. 

Crypto fear and greed index, 11 April 2023

The Crypto Fear and Greed Index numerically presents the latest emotions and sentiments toward cryptocurrencies. If it moves towards the right in the coming days, we can expect a rapid increase in BTC price. On the other hand, remaining within 55 and 60 would be a sign of slow but healthy value accrual. 

It is interesting to note that the BTC Fear and Greed Index hit a score of above 66 on Nov. 16, 2021. That was just days after Bitcoin reached its all-time high of over $69,000 on Nov. 10, 2021.

Where is Bitcoin Price Headed?

If Bitcoin manages to rise above the $30,500 resistance, it has the potential to go further up, possibly reaching the $31,200 level in a few days. The next resistance would be met around the $32,000 mark. Soon, an inevitable price correction will follow. In the event the price falls below $30,500, it will oscillate between $29,200 and $28,800. But a drop further below is highly unlikely this month unless the market falls victim to damaging news or events. 

For example, the collapse of Silicon Valley Bank took the BTC price down to $20K in March. But eventually, it led investors to question the stability of the centralized monetary system and rekindled their appetite for decentralized assets like BTC. The macroeconomic conditions in major markets like the U.S. and the UK can take a toll on the price of BTC.  The threat of a banking meltdown, inflationary pressures, and other macroeconomic uncertainties are still looming. Whether that is a good thing or a bad thing is susceptible to investor sentiments.

For example, MicroStrategy has acquired an additional 1,045 Bitcoin for $29.3M at an average price of $28,016 per piece. As of 4 April 2023, MicroStrategy holds 140,000 BTC acquired for close to $4.17 billion at an average price of $29,803 per Bitcoin. MicroStrategy is one of the world’s leading enterprise analytics platforms and the largest public company holder of BTC. Michael Saylor, the founder of MicroStrategy has long been an advocate of Bitcoin, urging companies to embrace it as a strategic asset. 

Can BTC Hit $40,000 in April?

$40,000 is an ambitious shot for BTC in April, although the token has gained 47% in the last thirty days. It will need a stronger investor rush and whale action to mimic the price action this month, as the resistance at $30,500 will be harder to break. 

This is because the release of CPI (Consumer Price Index) reports on April 12 and ongoing debates around whether the Federal Reserve will pivot have also contributed to the recent rally. It is widely predicted to show inflation down to 5.1% from 6.0% year-over-year previously.  Whether BTC can retain the gains and capitalize on the shift will depend on the inflation data and how investors respond to it. 

The U.S. 2-Year Treasury note has fallen as traders rapidly lowered their expectations of future Fed rate hikes. It will inject more liquidity into the market, which BTC can take advantage of heavily. It has a history of aggressively reacting to similar monetary shifts. BTC is increasingly seen as a reliable store of value, as it does away with the issues that usually come with storing your money with intermediaries like the bank. Many high-profile investors perceived it as a risk-off asset.

A modest, yet optimistic BTC price prediction for April is $34,800, as the coin can soon give way for a price correction.

Another narrative that has helped the Bitcoin price this year is de-dollarization, which fuels BTC adoption, especially among the younger generation. The increasing adoption of blockchain across small and large-scale institutions has also strengthened the momentum. Although 2020-2021 is considered the golden period for digital assets and BTC in particular, 2023 would see the mainstream penetration of blockchain technology and cryptocurrencies. Geopolitical instabilities and reckless banking policies would force many to find refuge in digital assets. So, $40,000 is a realistic aim for BTC this quarter, although it may not necessarily secure the price this month. 

Also Read: Bitcoin Price Prediction 2023, 2024, 2025: Will BTC Price Mark New High’s In The Coming Days?

Is Bitcoin a Good Investment this Month?

BTC is a good investment this month, whether you’re looking for short-term or long-term returns. If BTC crosses $40,000 this quarter, we’re looking at more than 30% potential returns, which makes it a steal at the current price. The possibility of a downturn can’t be ruled out either, as a temporary price correction will follow the rally. 

If you’re looking for a blue-chip crypto to buy this month, the best option is BTC. But blue-chip assets have limited room for growth, and BTC is no exception. The world’s largest cryptocurrency has a market cap of $581B. Even if the coin manages to break past its all-time high of $68,789, the return will be close to 130%. That’s definitely not a bad deal. But there are emerging and underrated cryptocurrencies that can do much better. It is important to fill at least 20% of your portfolio with promising new cryptocurrencies with low market caps to take advantage of crypto market volatility. 

Listed below are two cryptocurrencies that make excellent investments this quarter. They are widely predicted to give 10X-20X returns by the end of this year, thanks to their solid foundation and market-relevant use cases. 

DeeLance – The Best Utility Token to Buy in April 2023

There was a time when the crypto market was largely driven by speculation. While it’s true that a tweet from Elon Musk is all it takes to pump or dump some coins, the market can’t rely on speculation anymore. Investors learned it the hard way in 2022 when most cryptocurrencies tumbled down. And some to a point of no return. To give you a better perspective, Shiba Inu has fallen 87.06% from its all-time high since Oct 2021. 

The market is inevitably moving in a utility-first direction. Only projects that explore market-relevant blockchain use cases can survive in the market now. A good example is DeeLance, a freelancing and recruitment platform that changes the way freelancers connect with potential employers using blockchain technology. 

• The first fully decentralized freelance network
• Lowest commission (2%) in the industry
• Instant withdrawal recruitment platform

DeeLance has managed to win a large community in a short space of time since the project announcement, owing to the transparency and decentralization it brings to the freelancing market. To give you better insight into the rich market that DeeLance is stepping into, take a look:

The global gig economy is projected to surpass $450 billion in 2023 and the freelancing industry to exceed $12 billion by 2028. Moreover, 70% of small businesses worldwide hire freelancers for their daily operations, thanks to the impressive flexibility they offer along with cost-effective solutions. For similar reasons, over 65% of job holders have expressed a desire to work full-time as remote employees, according to a report. 

In essence, the industry is growing at a rapid pace. Web2 platforms like LinkedIn, Upwork, and Toptal dominate the freelancing market. Features like pre-screened gigs, 24/7 customer support, and payment protection systems make them a favourite among users. But that is not to say they are without shortcomings. 

• They offer little to no control over data ownership and use. 
• Some freelancing platforms allegedly turn user data into a commodity for centralized Web2 freelancing platforms. 
• Their prominent sources of revenue are high commission fees on escrow, advertising low-ranked services, and using personalized data of users. 
• They have long payment cycles
• They operate within a centralized system
• Long paperwork
• Lack of transparent which lets bad actors penetrate 

DeeLance aims to reinvigorate the freelancing market with a fast, efficient, and easy solution. How?

• No browser plugins, third-party apps, credit card details, or wallets-linking.
• Blockchain smart contracts throw out predatory middlemen from the equation and the high cost that comes with them. It charges the lowest commission in the market.
• Gives you full control over your data, in an approach unparalleled in the traditional market.
• Allows employers to convert the work they paid for into NFTs. It gives them full rights to the work and prevents copyright violations. 
• Stores all buyer and seller reputations on the public blockchain using an automated dispute system. Escrow accounts implement trustlessness into the ecosystem, ensuring the utmost safety. Mitigates scams or manipulation. 

There is one more reason why DeeLance is an excellent buy now. The platform is hosting the presale of its native token DLANCE. Grab them early to make the best use of the discounts, as the token price increases with each new stage. Money secured from the presale will go towards the development of the DeeLance NFT marketplace and the Metaverse app. A good share of the funds will also be used to strengthen the project’s industry foothold and network. 

DeeLance has all the right ingredients to be at the forefront of the global freelancing revolution, making DLANCE one of the most promising new cryptocurrencies to buy now. 

BUY DEELANCE

Ecoterra – The Best Green Token to Buy in April 2023

Green cryptocurrencies are another lucrative digital asset category. Blockchain can bring a new wave of interest and engagement to climate action. The decentralized makeup of blockchain solutions makes them a better tool for global coordination when compared to traditional initiatives. So, the next best cryptocurrency to invest in now is Ecoterra, the first-of-its-kind Recycle2Earn token. 

It uses crypto incentivization as a tool to encourage individuals, organizations, and governments to join the fight against climate change. 

There are four pillars of the Ecoterra ecosystem:

The Ecoterra Recycle2Earn Application offers a great way to earn Ecoterra tokens for each item you recycle. 

• It tracks your recycling activities
• Lists them on your user profile
• Mints your achievements as NFTs.

The second pillar is the Ecoterra  Carbon Offset Marketplace, which simplifies carbon offsetting in a Web 3.0 set-up.

• It uses the most trusted standards for project verification. 
• Each ton of carbon you offset is added to your impact profile as an achievement, which you can mint as an NFT once a target is hit. 

The third pillar is the Recycled Materials Marketplace, which is a great place to find recycled items like plastic, aluminium, or glass on the platform. 

• It bridges the gap between companies and recyclers. 
• Buyers can reach out to recyclers, place orders, and make payments. 

Finally, the Impact Trackable Profile allows companies and individuals to track and publish their contributions to environmental initiatives. You can scale your profile by accruing more achievements. If you’re a company, your Impact Trackable Profile will help you reach a large user base and procure valuable data on user profiles and behaviour. 

Ecoterra’s unparalleled path to strengthening climate action solidifies its place among the top cryptocurrencies to watch out for this year. The fact that the app will be supported in all crypto-friendly countries that make use of reverse vending machines reveals that it is stepping into a rich market. Ecoterra presale is an excellent crypto investment gateway now.  

BUY ECOTERRA