The leading digital asset has kept its gains in the last seven days, and its price is $47.5K as of this writing, only losing a little above 0.15% over the previous 24 hours. While many analysts are confused about its next price movement, nearly 56K investors are confident that BTC’s price will be slightly over $50.5K by next month.
Respondents To An Ongoing Coinmarketcap Survey Make BTC Price Predictions
A recent CoinMarketCap poll with nearly 56K respondents showed that 76% of these respondents predict that the BTC price will be $50,052 by April 2022. However, a few of them also forecasted that the BTC price would be about $49K by next month-end.
The average forecasted BTC price for this month would be $49.92K, but BTC currently trades at 5.7% lower than this predicted price. However, for reasons best known to them, the poll audience believes that the BTC price will dip in May and June.
Most respondents predicted that the BTC price would be $47.29K and $43.69K by the end of May and June, respectively. Even though there are scientific facts to support the poll and respondents aren’t any crypto experts by a long short, this poll (which isn’t the first of its kind) has an 83% accuracy in predicting BTC price in the past.
What’s Driving The Current BTC Price Uptrend?
BTC price has made some gains over the past 30 days; it surged by 24% (approximately $9K gains). It has even made more gains since Russia’s invasion of Ukraine late last month. Besides the Russia-Ukraine war, Terra’s recent BTC accumulation is the reason analysts believe is causing the huge surge in BTC price.
Terra further revealed that it would continue to increase its BTC accumulations until its BTC holdings are worth about $10B to provide adequate support for its stablecoin. But, an analyst claims that more factors are responsible for BTC’s price surge than the factors mentioned above. The analyst contended that the compounding effects of these factors only pushed BTC’s price to wipe off losses from this year since the price has been declining since the beginning of the year.
Other Factors Responsible For This Price Uptrend
Another factor the analyst cited as the reason for the surge in BTC price is the increased adoption of BTC by more institutions, individuals, and some state authorities. Crypto (including BTC) adoption has risen recently in various states in America.
The latest is by Chandler authorities (Chandler is a city on the outskirts of Phoenix, Arizona). Chandler authorities have legalized the use of BTC for its residents to make their utility payments and taxes. One of the city’s council members disclosed that the authorities approved the legalization of BTC for utility payments out of the need to acquaint residents with the technology in vogue.