The post Bitcoin Price Analysis: BTC Price to Remain in a Tight Range Before Breakout by April appeared first on Coinpedia Fintech News
The past two weeks have been extremely precarious for Bitcoin (BTC), especially following the mixed reactions triggered by the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States. While a section of crypto traders were anticipating a sell-the-news scenario, a different faction was expecting a continued rally due to heightened demand.
Nevertheless, Bitcoin price has continued to consolidate in the same range before the approval of spot ETFs, thus increasing the speculation on the next move. As a result, the altcoin industry has gradually been sliding into a bullish outlook amid heightened speculation of an inevitable altseason.
Bitcoin Network’s On-chain Activity on the Rise
The past few weeks have been a bee hive of activities for the Bitcoin network, with crypto whales and short-term holders adjusting their portfolios following last year’s impressive performance. On Wednesday, several whale investors led by Grayscale Investments sent huge amounts of Bitcoins to centralized exchanges in preparation for imminent sales. However, Bitcoin price managed to absorb the noise indicating there are ready buyers with deep liquidity.
Bitcoin Price Analysis
Amid heightened uncertainty on the Bitcoin price action in the near term, a popular crypto analyst alias Captain Faibik has suggested that the next two months will be crucial for the long-term investors preparing for the macro bull run.
Notably, Captain Faibik expects Bitcoin price not to fall below $40k but remain under $48k in the next two months, which is a perfect opportunity for buyers to hop in before another rally kicks off. Furthermore, the crypto analyst is confident Bitcoin price will reach $100k before the end of this year.