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Analysts Predict Bitcoin’s Price at $80,000 by April As Tesla Allows BTC Payment

As Bitcoin price continues to trade at the mid-$50,000, indicators are turning more bullish. At 18:23 GMT on Wednesday, Bitcoin was exchanging hands at $55,696, up 0.57% over the last 24 hours.

Despite the strained movement of the coin as it barely holds above its support level, Glassnode co-founders, Yann Allemann and Jan Happen have shared data from the analytics firm that shows that Bitcoin could be poised for a big upside move soon. This is due to the expiration of $6 billion in options contracts set to mature by this Friday. The duo said: 

Bitcoin price expectations for April are high with lots of investors placing their new bets on $80k.

bitcoin price forecasts

The above chart shows that many investors on the Deribit’s platform are confident that the cryptocurrency’s price will settle at those levels. Also, there is also a high volume of calls for a Bitcoin price at $120,000 for the same date, April 30.

In support of the bull case, Glassnode’s Reserve Risk metrics indicate “strong long-term holder conviction” in the current price. There is big support that the price of Bitcoin will take a big jump.

Elon Musk and Tesla support the bull case

Earlier today,  Elon Musk announced that Tesla cars can now be purchased using BTC. The green car company’s CEO said the company would operate Bitcoin nodes directly. He also made clear that the company would hold to the Bitcoin it accumulates without converting it to fiat.

Tesla first signaled its intention to enter the BTC space when it purchased $1.5 billion worth of Bitcoin in early February. However, for now, the option to purchase a Tesla with the king cryptocurrency will only be extended to US-based customers. Visitors to Tesla’s website from a US-based IP address will now see a new Bitcoin payment widget added to the site’s checkout options. The impact of Tesla’s acceptance of Bitcoin may have been felt on the cryptocurrency market early on Wednesday.

The Technoking noted: 

Tesla is using only internal & open-source software & operates Bitcoin nodes directly. Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.

The move to not convert the Bitcoin made through car sales to fiat is a strong indication that the company is not just utilizing Bitcoin as a transactional medium, but also as an investment tool.

Analyst William Clemente believes Musk’s announcement strategically coincides with the $6 billion of options set to expire in a few days. Over the coming days, many investors will see their contracts expire worthlessly and on platforms that back their options with physical Bitcoin. Clemente said:

It is worth mentioning that some of these puts are just hedging downside risk, more so referring to positions solely on the short end of the trade that don’t get rolled over.

If you have any questions and comments on Bitcoin today, use the form below to reply.


© IbrahimAnifowoshe for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin, Forecasts

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