Bitcoin enters the month of April with a price of $69,650 USD, after touching an all-time high of $73,750 in mid-March. With ETF approval and the BTC halving event, experts expected that the Bitcoin price is likely to hit an average peak price of $87,875 in 2024.
Meanwhile, Zia Ul Haque, the Founder of Open4Profit, calls April “better” than March. Is it going to be a month filled with Bitcoin highs or a crypto roller coaster ride as usual?
The Historic BTC Gains In April
Zia Ul Haque, the renowned crypto market coach, highlighted in one of his recent tweets that Bitcoin has always seen revival in the month of April, after experiencing the downturns in March. According to the expert, BTC has seen an average of 14.2% gain in April itself.
He has shared a comparative analysis of the monthly gains in Bitcoin price from 2013 till 2024. With just one day in April, the study shows that April could be the month of recuperation for the value of Bitcoin, which has just shown a crest by falling below the resistance of $70,000 mark.
Factors which Could Boost Bitcoin In April
The fiscal year 2024 has been a remarkable one for Bitcoin price as it surged over 150% in the past twelve months. The king of cryptocurrency outshined stalwarts like Nifty50 and Gold, which saw gains of about 30% and 11%, respectively. In January 2024, the Securities and Exchange Commission approved Bitcoin ETFs, by giving 11 fund managers the green signal to list funds. The price of Bitcoin has doubled in the past six months, suggesting a robust uptrend in 2024.
With the Bitcoin halving scheduled in April 2024, the crypto enthusiasts are quite hopeful of a strong return of the crypto leader. The event will reduce the number of new Bitcoins entering the market each day to 450. Also, there could be more dramatic turns in supply and demand in FY 2025. As more and more institutions are getting involved and new Bitcoin-related financial services are paving their way, Bitcoin is anticipated to remain on a positive trajectory henceforth.
Also Read : Exploring the Massive Growth of BASE-Based Memecoins: A Market Overview
Bitcoin Price Pre-Halving Period
The price marked a fresh all-time high of $73,350 in March 2024 and since then, the coin has been on a decline. With Zia Ul Haque hinting towards a positive April for the token, the optimistic outcome is very likely since Bitcoin halving is scheduled on April 22. We expect that the event will drive the prices higher in the pre-halving phase.
