Top Analyst Predicts Bitcoin Price to Rise 12% in April
The flagship cryptocurrency Bitcoin price is poised for a potential surge in April, according to views shared by a leading crypto market analyst. The analyst specifically referenced historical patterns to predict the potential increase in BTC price.
Meanwhile, investors are looking forward to the coming month amid market volatility and optimism, with historical data showing a strong correlation between April and positive Bitcoin returns.
Top Analyst Expects Bitcoin to Rise in April
10X Research CEO Markus Thielen recently shared an analysis on the X platform that points to a potential rise in Bitcoin price. Specifically, the analysis sheds light on Bitcoin’s historical performance in April, suggesting a potential 12% rally for the cryptocurrency.
Drawing on past trends, Thielen emphasizes that April tends to provide positive returns for Bitcoin; Significant increases in prices have been recorded in six of the last ten years. Despite the recent fluctuations in the crypto market characterized by fluctuations in the price of Bitcoin, analysts remain optimistic about the direction of the cryptocurrency.
Source: 10X Research, X
Meanwhile, many analysts have described the ongoing volatility in Bitcoin price as part of the pre-halving phase. According to analysts such as Rekt Capital, the pre-halving pullback phenomenon observed in historical data underscores the inherent volatility surrounding Bitcoin, which often precedes significant price movements.
Additionally, the expectation of the upcoming Bitcoin Halving event increases the upward trend of the market. However, although historical data shows that Bitcoin is trending towards recovery after the halving, analysts are careful not to rely solely on past performance to predict future results, highlighting the unpredictable nature of the crypto market.
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Market Confidence Boosted by ETF Inflows
Amid speculation about Bitcoin’s April rally, strong inflows into the US Spot Bitcoin ETF are boosting market confidence. The growing interest in Bitcoin investment vehicles reflects a broader acceptance of cryptocurrencies among institutional investors and further solidifies Bitcoin’s position as a major asset class.
Simultaneously, the decline in outflows from Grayscale’s GBTC indicates a shift in investor sentiment, with market participants expressing renewed confidence in Bitcoin’s long-term potential. As the Bitcoin price continues to attract the attention of both retail and institutional investors, the stage is set for a dynamic month ahead; April potentially marks another chapter in Bitcoin’s story
Meanwhile, the Bitcoin price decreased by 1.24% to $69,959.56 as of the time of writing, and the transaction volume decreased by 27.14% to $30.87 billion compared to yesterday. The crypto reached a high of $71,546.02 and a low of $69,725.77 in the last 24 hours.
Bitcoin price
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A seasoned professional with 3 years of experience in the financial market, Rupam has honed his skills as a meticulous research analyst and insightful journalist. She enjoys exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond traditional boundaries. His contributions include breaking news, examining AI-related developments, providing real-time crypto market updates, and providing insightful economic news. Rupam’s journey is marked by his passion to demystify the intricacies of finance and deliver impactful stories that will resonate with diverse audiences.
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