Bitcoin’s price broke out of a 9-month-long range in late March and is now holding firm at around $30K. That said, the largest annual Bitcoin conference, Bitcoin Miami, is taking place in May, which could lead Bitcoin’s price to surge in anticipation.
Bitcoin is not the only crypto experiencing parabolic breakouts, however. Ethereum has recently broken its long-term $2K resistance level, leading many to believe an “alt season” is imminent.
Some of the top new altcoins are already making headlines, with coins like Love Hate Inu recently surpassing $4 million raised at its presale thanks to the Vote-to-Earn rollout on the app.
Will Bitcoin Reach $40,000 This April?
Looking at the Bitcoin price chart, the crypto has historically performed well in April, with most candles being green. One of the main reasons for this is that many investors tend to gain confidence in the markets leading up to Bitcoin Miami, which usually happens in May or June.
The bullish momentum over the past weeks, breakout and Bitcoin Miami conference lead us to expect a significant surge upwards this month, ending with Bitcoin hitting 40K.
Recently, Bitcoin has broken a month-long key resistance level but has fallen 2.44% today and looks to retest the previous resistance. Providing buyers hold firm, this level will act as a support, and combined with the anticipation surrounding Bitcoin Miami next month, will propel Bitcoin upwards.
There has been little price action in the $30K- $40K range in the past year, so the Bitcoin price could head to $40K imminent as there are few key resistance levels in its way.
Banks, Bonds and Interest Rates
One of the main drivers of the recent Bitcoin rally has been the issues regarding traditional fractional reserve banking. With Credit Suisse and Silicon Valley Bank both experiencing severe crises in March, many investors looked to alternate stores of value like Bitcoin to protect their assets.
One of the key reasons banks have struggled is the rise in interest rates, which left some of them insolvent and unable to pay off their debts. That said, the U.S. Dollar Index has recently climbed as bond yields have increased, currently at 4.194%.
The rise in U.S. dollar strength and bond yields comes as investors and stakeholders settle with the fact that the Federal Reserve will once again raise interest rates next month. Experts predict the Fed will raise interest rates a quarter of a percentage point from 5% to 5.25% to fight inflation.
That said, one of the issues with rising interest rates so high is that debtors will no longer be able to afford their debts. Some Bitcoin advocates, such as Balaji, claim the recent banking collapses are just the tip of the iceberg, calling for Bitcoin to hit $1 million by June as the United States enters a state of hyperinflation.
A Closer Look at the Charts
Trading volume is a key indicator in understanding price movement and momentum. Low volume around a key support or resistance area can signal a break of range as the bulls or bears are exhausted.
Currently, Bitcoin’s volume is still climbing on the four-hour chart as we approach the support level.
This is a positive sign for Bitcoin, as buyers are matching sellers’ orders. That said, if volume begins to drop off, we could see a break of range pushing Bitcoin towards the $25K mark before climbing higher.
When we factor in the exponential moving average (EMA), it becomes apparent that although Bitcoin has seen multiple red candles, it is still trending upwards. Unless the price closes below the EMA, things are still looking promising for Bitcoin.
Currently, Bitcoin is edging towards the 100 EMA, but the rising volume tells us that buyers are holding strong, giving Bitcoin the potential to bounce higher.
Love Hate Inu Set to Hit $10 Million
Having already raised $4.2 million, the recent influx of capital into the markets means we could see the Love Hate Inu presale hit $10 million this month.
Currently, the coin is priced at $0.000115, which will soon rise to $0.000125, and the IEO price is already set at $0.000145 USDT.
Moreover, the recent interest in Love Hate Inu tells us the price could continue climbing higher following its exchange launch.
In recent days, Love Hate Inu has seen massive success, with many media outlets and influencers taking notice as the project hit 34K Twitter followers and began its Vote-to-Earn mechanism rollout. This comes just one week after Twitter CEO, Elon Musk, changed the Twitter logo to Dogecoin, signifying his continued support for the meme coin.
Many investors are likely looking for the new dogecoin, which could be why Love Hate Inu is becoming popular.
That said, Love Hate Inu takes the community-centric and ‘memeable’ aspects of Dogecoin, but many experts have taken an interest due to the utility the coin provides.
The Love Hate Inu whitepaper brands the coin as a Vote-to-Earn (V2E) crypto. The V2E mechanism allows users to create and vote on polls and can select whether they love or hate.
For example, someone could create a poll on a new upgrade for the Love Hate Inu ecosystem or for another crypto, and users could vote on whether or not to go ahead with it.
The team has also promoted fun polls such as whether the community loves or hates polarising figures like Donald Trump or Andrew Tate.
To participate in votes, users must hold the LHINU crypto token. This will ensure voting accuracy as all voters will have ‘skin in the game’.
Besides being used to vote, the coin will also be distributed as a reward for voters.
The LHINU coin has a capped supply of 100 billion tokens, with 90% available at presale. This means the coin will be truly decentralised and hold much more long-term potential.
