The month of April is extremely promising for Bitcoin. The benchmark cryptocurrency rose 101% in the first quarter of the year, showing that the bull market impacted the asset in many ways.
Bitcoin on its way to $ 60.000
Historically, Bitcoin has had the best first quarter performance since 2013. According to data provided by BLOQPORT, Bitcoin has been in the "green sector" for six consecutive months. The last time the market was in this state was in 2013, when the same pattern repeated itself.
Going further, Bitcoin has managed to stay above $ 50.000 for the past 30 days. This is an incredible step forward for the asset that had only recently reached that price in February. Seeing bitcoin below $ 50.000 is becoming less and less likely, according to analysts speculation, this will filter the number of people who can afford to buy a single Bitcoin.
Following Goldman Sachs' announcement offering Bitcoin to its wealthy clients after years of asset rejection, bitcoin hit 3% and has continued to move green since the news broke. Priced at $ 59.804 at the time of writing, the buying pressure appears to have been halted for a while, as Bitcoin has stagnated in that price range for the past 12 hours.
It's a pivotal point for Bitcoin from here on out, as failing to meet $ 59.000 could increase the amount of time it takes for the asset to exceed $ 60.000 again. Regardless, the month of April remains highly bullish for Bitcoin.
On-Chain signals are equally bullish
While our previous report found that the current bull market is vastly different from the bull market that took off in 2017, some notable similarities in market movement captured by Glassnode imply that the “HODL report suggests we are at the equivalent of ~ 3k - 4k dollars in 2017 ". The analyst who observed this is confident that Bitcoin's current bull run "still has a long way to go."
Similarly, the chart suggests that PEAK HODL (“where 1-year + supply volume peaks, often close to the last ATH cycle”) is approaching. According to On-chain analyst Willy Woo, this says that with each bull market, the holding continues to strengthen.
A much bigger opportunity for the bull market to take off? Willy Woo believes so, adding that “the target HODL levels, very similar to the price chart on the logarithmic scale (the climb tapers off), will occur between 40 and 40 years; much more bull market coming ”.
So, if you are still thinking about buying BTC, this may be the best time to do it. Like? For example using automated trading platforms such as Bitcoin system, which allows even beginners to enter this world on tiptoe.