2024

Bitcoin

April

Daily

Bitcoin Price: The largest cryptocurrency market cap, <a href="https://coingape.com/us-bitcoin-etf-takes-center-stage-in-south-korea-elections/">Bitcoin</a>, 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: <a href="https://coingape.com/bitcoin-news-costa-rica-resumes-debate-allowing-bitcoin-money-daily-use/">Costa Rica Resumes Debate On Allowing Bitcoin As Money For Daily Use</a> 
<h2 id="b-will-btc-price-hit-new-height-before-halving-b">Will BTC Price Hit New Height Before Halving?</h2> 
<img decoding="async" src="https://s3.tradingview.com/snapshots/y/YupH9YG6.png" alt="BINANCE:BTCUSD Chart Image by sahilmahadik07"> 
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 <a href="https://coingape.com/markets/bitcoin-price-analysis-why-are-whales-selling-btc-ahead-of-halving/">BTC</a>, 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, <a href="https://coingape.com/bitcoin-whale-buys-1-billion-worth-of-assets-bullish-outlook/">Bitcoin whales</a> 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 $14.2B increase, with 210k BTC from ETF inflows, signifies a strong institutional endorsement for Bitcoin. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 The amount of Bitcoin held by addresses with 1k <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> or more skyrocketed since the launch of the ETFs! 
 Since the start of the year, the balance of whales has climbed by 220k BTC (~$14.2B), with 210k of this Bitcoin coming from net inflows into the ETFs. <a href="https://t.co/RSEr4DYD21">pic.twitter.com/RSEr4DYD21</a> 
 — IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1776611227218669729?ref_src=twsrc%5Etfw">April 6, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Also Read: <a href="https://coingape.com/microstrategy-mstr-share-tanks-25-recovery-soon-after-bitcoin-halving/">MicroStrategy (MSTR) Share Tanks 25%, Recovery Soon after Bitcoin Halving?</a> 
<h2 id="strong-will-bitcoin-price-surpass-80000-strong">Will Bitcoin Price Surpass $80000?</h2> 
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.&nbsp; 
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. 
<img decoding="async" class="aligncenter size-full wp-image-190200" src="https://coingape.com/wp-content/uploads/2024/04/image_2024-04-07_02-39-23-e1712438258633.png" alt="Bitcoin Monthly returns(%)" width="1200" height="675"> 
Thus, the <a href="https://coingape.com/price/bitcoin/">Bitcoin price</a> 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. 
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2> 
<ul> 
 <li>BB indicator: The squeezed range of Bollinger band indicators hints at the increasing volatility in this asset.</li> 
 <li>Relative Strength Index: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> above 50% reflects a positive sentiment that remains intact among market participants.&nbsp;</li> 
</ul> 
The post <a href="https://coingape.com/markets/will-bitcoin-price-recovery-in-april-historical-insights/">Will Bitcoin Price Extend Its Recovery in April? Historical Insights Say Yes</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Will Bitcoin Price Extend Its Recovery in April? Historical Insights Say Yes

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