Bitcoin Price Prediction: BTC/USD Fear & Greed Index Extremely High, Return To $5,000 At The End Of April?

15 Apr, 2020

By John Isige

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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Bitcoin price struggles to contain gains above $6,900 as $7,000 resistance remains at bay.
Bitcoin Fear & Greed Index shows that investors are bearish in spite of the May 2020 Bitcoin halving.

Bitcoin price is trading at $6,898 after failing to sustain gains above $6,900. BTC/USD is also battling resistance at the descending trendline (dotted line). Also adding pressure to the bulls is the 50 SMA currently at $7,042. Looking back, Bitcoin climbed several barriers last week to top highs at $7,500. However, it sharply retreated, breaking tentative support areas at $7,200, $6,800 and $6,600. A low was, however, reached at $6,575 which allowed the buyers to slightly take back control and push a for a reversal.

At the time of writing, BTC/USD is trading at $6,889. Bitcoin bulls seem to be taking a slow approach in attacking the sellers’ congestions zones at $6,900, $7,000 as well as the 50 SMA. The immediate downside is supported by channel support aided by the 100 SMA. If push comes to shove and the buyers lose traction and the trendline support, rapid bearish action is possible and could force the price to retest the $6,000 level.

BTC/USD 4-hour chart

Bitcoin Halving Not Convincing Investors

Bitcoin Fear & Greed Index by Alternative.me is still stuck in extreme levels (15) in spite of recovery from levels at 11 (recorded in March). The index analyzes emotions and sentiments from thousands of sources and computes into a single figure that is extremely helpful. The current figures are utterly perturbing especially during the few weeks before Bitcoin goes into halving. This means that most people are not convinced that halving would positively impact Bitcoin and are rather bearish.

Looking at the 4-hour chart, Bitcoin has a bearish bias in the near term. The RSI is pointing southwards after recovery was not contained above 50. If BTC/USD fails to advance above 7,000 soon, buyer demoralization could see a selloff targeting $5,000 at the end of April.

Bitcoin Intraday Key Levels

Spot rate: $6,889

Percentage change: 25

Relative change: 0.33%

Trend: Bullish

Volatility: Expanding

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.