After 500% Bitcoin Boom, Data Reveals Why April Could Be Even Bigger For The Bitcoin Price
Bitcoin, after surging through the first couple of months of the year, has lost momentum in March. The bitcoin price, up almost 500% since its latest bull run began in October, climbed to an all-time high of just over $60,000 per bitcoin this month but has stopped breaking fresh ground with the regularity it did through January and early February. Now, with historical bitcoin price data showing March losses are often followed by an April rally, bitcoin traders and investors are feeling upbeat.
"Time of the year can be a factor and the month of April is always highlighted, as it's the end of the U.K. and U.S. tax year," says Danny Scott, the chief executive of the Isle of Man-based bitcoin and cryptocurrency exchange CoinCorner, adding that "taking history into account, it very well may stack up."
Analysis of price data over the last ten years reveals a 51% average gain for bitcoin in April, according to Scott. If this plays out, this would mean bitcoin ends April 2021 at just over $80,000.
"There have only been two negative Aprils since bitcoin began—in 2014 (-6%) and 2015 (-4%)—which is tied coincidentally with the following month of May with only two negative months—2015 (-1%) and 2018 (-18%)—so maybe there is some momentum and truth from this."