The Bitcoin price could rise to about $400,000, from about $56,000 this year, according to Bloomberg Bitcoin (BTC) analysts. Based on the performance of bitcoin during the bull runs of 2017 and 2013, the uber bullish forecast. The April edition of Bloomberg's monthly "Crypto Outlook," released on April 6, outlined the bullish narratives surrounding bitcoin and the burgeoning industry surrounding it.
The oldest cryptocurrency has a price support level of $54,000 and a price resistance level of $60,000. Despite the forecast from Bloomberg, Bitcoin's drop below $60,000 to $56,300 and Ethereum's drop below $2,000 this week, sentiment has plummeted, in the last few days.
Bitcoin (BTC) trading around $56,882.85 as of 03.01 p.m IST. On the hourly chart, BTC is trading below its 10-hour and 50-hour averages, which is a bearish signal for market analysts.
After several failing efforts to crack resistance near all times, analysts became concerned that the price increases would be further reduced and stopped temporarily.
In the last few weeks, despite the ongoing institutional interest fuelled by major new bank adoption reports, there have also been signs that the day will see a slowdown.
After South Korea's exchange update suspended KRW withdrawals and deposits before markets in America opened on Wednesday morning, Bitcoin dropped more than 6% against the Korean Winning (KRW).