Even though the price of BTC has dropped below the $40,000 mark, the cryptocurrency community is still bullish on a rally in the biggest crypto asset on the market.
Investors still believe the cryptocurrency will surpass $50,000 in April, up 23% from its current price.
The price target is based on a poll promoted by CoinMarketCap, a cryptocurrency price aggregator. The poll received 83,489 votes.
For 53,098 people, BTC price will pass $48,985 by the end of April. This price mark represents an increase of almost 26% from the current value.
However, as of the end of March, 34,044 community members believe that BTC will trade at $46,958.
According to analyst Justinas Baltrusaitis, CoinMarketCap polls generally have an 82% accuracy rate on BTC projections.
The bullish projection comes after BTC entered trading in March above $40,000. However, the first week of the month could be categorized as highly volatile for the asset whose price movement correlated with that of the stock market.
While the community remains optimistic about BTC’s future, there are still concerns among investors regarding the asset’s next course. For example, on March 8, BTC’s fear and greed index hit 21, indicating “extreme fear.”
“Overall, BTC and the general volatility of the cryptocurrency market remains a dominant factor following regulatory concerns, especially with US President Joe Biden expected to sign an executive order later this week regarding the cryptocurrency market.” , said Baltrusaitis.
Finally, he pointed out that the rest of the month will continue testing BTC’s status as a safe hedge. After all, the conflict between Russia and Ukraine must not end. In addition, US inflation rates are expected to remain high:
“Notably, BTC remaining highly volatile amid Russia’s invasion of Ukraine. Therefore, the next course of the war will likely play a role in BTC’s price movement.”