Will Bitcoin Price Extend Its Recovery in April? Historical Insights Say Yes
Highlights
- The expected date for the next Bitcoin halving event is around April 20, 2024, EST.
- A bullish breakout from a triangle pattern will release the build-up of bullish momentum.
- The intraday trading volume in Bitcoin is $18.4 Billion, indicating a 47% loss.
Bitcoin Price: The largest cryptocurrency market cap, Bitcoin, has been trading sideways for over a month evidenced by the two converging trendlines. The daily chart shows this consolidation as the formation of a pennant pattern— a chart setup that leads to temporary correction to regain strength for the next leap. Should you enter this dip?
Also Read: Costa Rica Resumes Debate On Allowing Bitcoin As Money For Daily Use
Will BTC Price Hit New Height Before Halving?
The leading digital asset Bitcoin entered the current consolidation trend in mid-March as the price reverted from the new high of $73800. While the sideways action within two converging trend lines indicated the formation pennant pattern for BTC, a majority of major coins witnessed a notable correction trend in this period.
Several analysts also reveal this pullback as the pre-halving consolidation which remover weak hand from the market while smart money remains bullish
According to IntoTheBlock, Bitcoin whales with 1k BTC or more have ramped up their holdings by 220k BTC since the year’s start, notably after the launch of Bitcoin spot ETFs. This $14.2B increase, with 210k BTC from ETF inflows, signifies a strong institutional endorsement for Bitcoin.
Also Read: MicroStrategy (MSTR) Share Tanks 25%, Recovery Soon after Bitcoin Halving?
Will Bitcoin Price Surpass $80000?
Analyzing the historical data from Coinglass for Bitcoin’s monthly returns, April has traditionally been a bullish month for Bitcoin. Despite the current negative return of -4.21% in April 2024, a closer examination reveals a pattern where this month often heralds a period of positive momentum.
Notable gains include April 2013’s extraordinary +50.01% and April 2021’s strong +29.84% increase. Historically, the average return for this month stands at a substantial +13.86%, while the median return of +5.04% indicates this month has tended to yield a positive outcome for the cryptocurrency.
Thus, the Bitcoin price holds a higher potential for an upside triangle breakout which will signal the continuation of prevailing trendline. As per the pennant formation, the post-breakout rally could drive the coin value to $87000.
Technical Indicator
- BB indicator: The squeezed range of Bollinger band indicators hints at the increasing volatility in this asset.
- Relative Strength Index: The daily RSI above 50% reflects a positive sentiment that remains intact among market participants.
Related Articles
Recent Posts
- Price Analysis
XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
XRP price remains under intense pressure as woes in the crypto market industry continue. Ripple…
- Price Analysis
Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
The Chainlink price recently rebounded sharply from the $16 demand zone, an area that has…
- Price Analysis
Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
Plummeting Pi Network price may be preparing a significant short squeeze after forming a rare…
- Price Analysis
Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
The Solana price is attempting a mild recovery after a recent consolidation phase, with the…
- Price Analysis
XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
The crypto market remains steady as XRP price consolidates within a well-defined structure on the…
- Price Analysis
Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Ethereum price is showing renewed strength after an analyst projected a move toward $8,000. The…