Can Bitcoin Hit 40k This Month? BTC Price Prediction as Love Hate Inu Heads Towards $5m
Bitcoin’s rise over the past few months has been hard to miss. Since the start of the year, BTC is up more than 82%. It recently broke the key $30,000 price level for the first time since last June.
Now, analysts are looking ahead to Bitcoin’s next psychological price barrier: $40k
However, for investors in search of profits, Bitcoin isn’t the only crypto making moves. Ethereum has also topped $2k in the wake of its successful Shanghai upgrade. Meme coin Love Hate Inu is also red-hot and appears set to break the $5 million fundraising milestone in the next few days.
Can Bitcoin Hit $40k This April?
From a technical perspective, Bitcoin’s prospects of hitting $40k appear strong. The token has been on a high-momentum run for the past four months, moving from around $16,500 to $30,000 with few interruptions.
That has created a strong trendline that BTC has stayed above, and that trendline now intersects with the key $30k price level. So, the $30k price level now serves as support for Bitcoin rather than resistance.
The next key resistance level for Bitcoin is around $32k. This is a level that Bitcoin tested multiple times in May and June 2022, and which it has yet to test again.
Other technical signals suggest that BTC can break through this level. The token’s Relative Strength Index (RSI) is under 70, suggesting that it is not yet overbought despite the recent price gains. BTC’s Moving Average Convergence Divergence (MACD) is also highly positive, which indicates further bullish momentum.
If Bitcoin can break above the $32k resistance level, there is little on the chart to prevent it from reaching $40k. In fact, the next notable resistance level is at $44,500, so Bitcoin could proceed smoothly to that price level. That represents a potential 48% gain from today’s BTC price.
Fundamental Tailwinds for Bitcoin
Bitcoin’s recent rise can largely be attributed to a confluence of positive fundamental events that are pushing investors back to the original cryptocurrency.
First, inflation has been high in the US and around the world. During periods of high inflation, investors typically move away from risky assets and flock to assets that hold their value.
Traditionally, investing in inflation-proof assets has meant investing in gold. But in today’s market, Bitcoin is often likened to digital gold and is widely seen by investors as a hedge against inflation. As a result, Bitcoin is receiving cash inflows from investors who were focused on stocks and altcoins during the bull market.
Bitcoin has also benefited from the recent banking crisis initiated by the collapse of Silicon Valley Bank. The bank’s collapse demonstrated to depositors that money in banks is not necessarily safe from bank runs and that the financial industry may be on shakier ground than it appears.
The collapse of multiple banks pushed investors towards decentralized assets and Bitcoin in particular. In fact, the price of BTC jumped more than 35% in the week after Silicon Valley Bank collapsed.
Analysts are Bullish on Bitcoin
With both technical and fundamental analyses flashing green for BTC, it’s no surprise that analysts are bullish about the world’s largest cryptocurrency.
Former Coinbase Chief Technology Officer Balaji Srinivasan bet $1 million that Bitcoin will reach $1 million by mid-June. Even if that seems a little far-fetched, other industry insiders have echoed the bullish sentiment.
For example, Marshall Beard, Chief Strategy Officer at Gemini, predicts that Bitcoin will reach a new all-time high this year, possibly around $100,000. Paolo Ardoino, Chief Technology Officer Tether, thinks Bitcoin is likely to retest its all-time high around $69,000.
Love Hate Inu Presale Nearing $5 Million Milestone
Bitcoin isn’t the only cryptocurrency gaining steam this month. Love Hate Inu, a doge-themed meme coin, has raised more than $4.5 million through a presale of its $LHINU token. The project is on track to break through the $5 million milestone within a matter of days.
Love Hate Inu has generated a lot of excitement among investors thanks to its innovative vote-to-earn platform for online surveys. Users can stake $LHINU tokens in order to vote in polls, then receive token rewards as a reward for their engagement.
This radically new approach to online surveys has a number of benefits. By requiring voters to stake $LHINU, it prevents spammers and bots from influencing poll results. By offering vote-to-earn rewards, Love Hate Inu keeps the community excited and engaged in surveys.
In the long run, Love Hate Inu plans to leverage its platform to build sponsored partnerships with major brands. The project represents a direct threat to incumbents in the online survey industry, which is worth an estimated $3.2 billion and has a compound annual growth rate of 14.6%.
$LHINU Price Increase Less Than a Week Away
Love Hate Inu’s presale is currently in Stage 5 out of 8 and $LHINU is priced at 0.000115 USDT. However, the price is set to increase 8.7% to 0.000125 USDT in just 5 days. So, investors have a limited chance to lock in the lowest possible price for $LHINU.
The project is already planning an initial exchange offering at a list price of 0.000145 USDT. That means investors who buy $LHINU today could be sitting on unrealized gains of 26%.
There’s no vesting period for $LHINU purchased during the presale, so early investors will have an opportunity to cash out their tokens during the project’s exchange offering.
