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Wednesday, May 12, 2021

Bitcoin To Soar Even Higher In April, As Per Analysts

Bitcoin has reportedly started to lose steam recently after the explosive surge at the year’s beginning. The price of the cryptocurrency saw an almost 500% increase since October and had recently made a record high of more than 60000 USD for each bitcoin. However, the momentum has slowed down since.

However, bitcoin investors and traders are hopeful that with the current price history, an April surge usually follows a March loss.

Historical Trend Of Bitcoin

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Danny Scott, the CEO of CoinCorner, said that any potential prices of bitcoin are dependent upon various thought processes. He highlighted that the point in a year, especially April, is significant as the month marks the end of the tax year in the UK and the US. As such, he continues, history signals a surge.

Records over the previous decade point to an average gain of 51% for Bitcoin, just in April. If Scott’s mathematics is correct, the final price point could be well above 80000 USD by the end of April. Reportedly, in the past decade, only twice has there been a negative April – in 2014 and 2015. However, Scott also pointed out that at those periods the currency was bearish.

In the current bullish period, Scott points out that it is unlikely to happen like that. However, the opinion is not entirely uncontested. Bobby Ong, the COO of CoinGecko, was not as optimistic and chalked up the April surge to mere coincidence.

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Ong says that he does not have any logical reason to predict the surge apart from history. He also warns that this might make investors and traders put sole emphasis on historical trends. This might lead to an actual underperformance in reality.

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