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This is how bullish Bitcoin is in April

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The largest cryptocurrency by market cap could be poised for a potential heyday. According to data from the Matrixport crypto platform, Bitcoin has grown by an average of 17.4 percent in April over the past ten years. The Easter month is also considered the third best period of the year. Ethereum has also performed correspondingly with strong growth in the past April months.

With an average monthly return of 46 percent, April is even the best month of the year, as Markus Thielen, Head of Research at Matrixport, explains. He predicts an Ethereum price rally in the coming weeks. According to Thielen, the reason for this is the Shanghai update planned for April 12th.

Bitcoin
       April has been productive so far for bitcoin and stocks I Source: Matrixport

Bitcoin price 2023: Is the bull run coming?

Since the beginning of 2023, Bitcoin has risen by almost 70 percent. In January, the BTC course had the best start to the year in ten years. After a subdued February, the oldest cryptocurrency is up nearly 22 percent in March and is trading at just over 28,000 USD at the time of writing.

one According to analysts Bitcoin has therefore exceeded the “EMA21” in the monthly chart. The indicator measures the exponential moving average of the last 21 months and gives more weight to recent price changes in its calculation. “That only happened in 2015 and 2019. Both times, the big bull run started with this signal,” the tweet continues. It remains to be seen whether April will initiate Bitcoin’s next bull run. The 30,000USD hurdle is still there.

According to BTC-ECHO market expert Stefan Lübeck, “the recapture of this weighted average line is another piece in the mosaic for the increasingly bullish overall picture of Bitcoin.” However, Lübeck points out that “statistically, three repetitions only have a limited significance. Only when the Bitcoin price can stabilize above the psychologically important $30,000 mark will the probability of a positive follow-up movement towards higher price levels increase further in the coming trading months.”

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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