The bitcoin price has bounced around $40,000 per bitcoin through April, failing to find firm ground above the closely-watched level.
In January 2020, Trenchev made a bitcoin price prediction of $50,000 by the end of the year that fell short by just two months.
“Bitcoin is trading near the support level, which runs through the lows of January, February and March,” Alex Kuptsikevich, senior financial analyst at FxPro, wrote in emailed comments.