Cryptocurrency trading forecast for today, April 12
Bitcoin is trading on the approaches to the important resistance level of $60,000. Ethereum rose to the level of $2160, and the price of Ripple has already reached $1.4. The total capitalization of the cryptocurrency market was 2.06 trillion dollars.
Analysts of the Kraken exchange allowed the growth of bitcoin to $90,000, and ethereum to $15,000. This is stated in the company's latest monthly report on the state of the industry. Experts noted that March was one of the most successful for the largest cryptocurrencies by capitalization. Asset price growth is likely to continue. However, before the rally resumes, BTC can expect an adjustment of at least $10,000. Bitcoin closed March with a gain of more than 30%, adding more than 10% to the price for six consecutive months. Since April was basically the second most positive month, we can expect that this time Bitcoin will reach new heights. The company believes that in recent months, market sentiment has been positively influenced by institutional adoption, a $1.9 trillion US economic aid package, and increased applications for the launch of bitcoin ETFs.
Fidelity Investments believes that the first cryptocurrency may have experienced a maturation period for traditional financial circles and is at a tipping point in terms of adoption by institutional players. A number of reasons have led to the growing interest in Bitcoin as an alternative asset, and now there is an accelerated introduction of the cryptocurrency. This is facilitated by ultra-low interest rate policies, economic stimulus measures, and low returns on other assets traditionally considered as alternatives. The pandemic has been a catalyst for institutional adoption, particularly the use of cryptocurrency as digital gold. Earlier, a survey conducted by Fidelity showed that almost a third of the corporation's large clients in Europe and the United States added digital assets to the portfolio. JPMorgan also noted the demand for bitcoin from institutional investors. The bank's analysts believe that interest will increase if the asset's volatility normalizes.
In my forecast, I expect Bitcoin (BTC) to roll back to the $59,000. Ethereum (ETH) may decline to $2050, and Ripple (XRP) - to $ 1.30.