Bitcoin has risen to a price of about $60,000 this year, helping the wider cryptocurrency industry reach an eye-watering $2 trillion. It soared in the new year, hitting an all-time high by mid-February, after gaining steam at the end of last year.
BTC price bounced on April 7 and the next day formed a bullish engulfing candlestick. Long-term and short-term metrics also indicate that bitcoin can break out of the short-term channel.
A break of this line and the $59,500 level will affirm the bullish pattern.
With historical bitcoin market evidence indicating that March declines are always accompanied by an April recovery, bitcoin traders and investors are feeling optimistic.
The price of bitcoin has risen by about 400 percent since the start of the new bull run, as long-awaited institutional penetration began to materialize and Tesla billionaire Elon Musk whipped the crypto industry into a frenzy.
“As for every month, the future price prospects of bitcoin can be broken into a variety of separate thinking processes,” says Danny Scott, CEO of the Isle of Man-based bitcoin and cryptocurrency exchange CoinCorner, via Twitter direct message.
“The time of year may be a consideration, and the month of April is always illuminated, since it’s the end of the UK and US tax years,” Scott says, adding that “taking history into account, it may well can stack up.”
According to a survey conducted by Nickel Digital Asset Management, 81 percent of owners and managers polled predict an uptick in companies using bitcoin for treasury reserves over the next two years.
Alts remain tipped for a dramatic return to form in summer, with Filbfilb even arguing that the second incarnation of “Alt Season” is already here.
A look at trader behavior pointed to leveraged long positions in place at previous spot price, indicating belief that further upside is more likely than another correction.