Following the recent resurgence of the leading crypto Bitcoin (BTC) as it rallied above $47,000, the cryptocurrency community at CoinMarketCap predicts the asset will trade above $51,000 by the end of April.
What do community forecasts say for leading crypto?
With more than 90% of Bitcoin in circulation, the inflation rate of digital assets fell to 1.7% in March, five times lower than the US dollar rate, presenting BTC as a reliable inflation hedge for investors. The CoinMarketCap crypto community believes the asset will be trading at $51,053 by April 31, up over 8% from the current price. The target is based on the average votes of 55,723 members.
Crypto community BTC price projection / Source: CoinMarketCap Meanwhile, 34,894 community members for +178.35 (+0.38%) current price by end of May It set a target of $47,279.77. As I mentioned in the cryptokoin.com news, historically, the crypto community has predicted Bitcoin prices with 82% accuracy.
BTC price projection of the crypto community / Source: CoinMarketCap The forecast comes as April approaches with Bitcoin trading above $47,000. Bitcoin has shown a different strength, gaining 35% since Russia’s invasion of Ukraine on March 28.
In the face of global market uncertainty, market speculators are eagerly watching how Bitcoin will perform as a safe-haven asset, removing all concerns and hitting a three-month high, erasing all losses in 2022.
Bitcoin chart analysis
Currently, Bitcoin is trading at $47,302, up 0.24% and 9.76% over the past seven days, with a total market cap of $896 billion as of March 31, 2022. After successfully breaking the $35,000 – $45,000 zone, analysts predicted that the Bitcoin price would continue to rise and could soon reach the $50,000 mark, it is worth noting that last week Bitcoin climbed as high as $48,076. However, at the time of writing, BTC declined and was withdrawn to the level of $ 46 thousand.
Bitcoin has performed exceptionally well in recent weeks despite fears of an impending global recession. As a result, various financial experts have studied the price chart movements and concluded that there is a strong probability that this positive rise will continue not only to $50,000 but much higher.
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