BITCOIN – Technical Analysis
The on a daily chart is showing us that BITCOIN is in a healthy long-term uptrend because it’s making new higher lows and aiming to pass the previous higher high.
The pullback was made right into the “golden zone” on a Fib ret.
We are seeing BITCOIN continuing the uptrend and aiming for the 68k target.
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*This is not financial advice. Do your own research before trading.
The average price of BTC in April is around 50%
Although Bitcoin hit an all-time high of over $60,000, it has since retraced to about $55,000 as of this writing.
As $6 billion in Bitcoin options expired on March 26, the world’s largest digital currency has been struggling to gain strength and has remained relatively stable.
April has been a massively bullish month for BITCOIN, according to its historical results.
According to Danny Scott, the CEO of crypto exchange CoinCorner, price data over the last ten years showed a 51 percent average gain for BTC in April.
Scott went on to say that there have only been two Aprils in which Bitcoin has lost money: 2014 (-6%) and 2015. (-4 %).
Given that the leading digital asset gained 51 percent on average in April, BTC could hit over $80,000 in the coming month.
Following institutional interest in Bitcoin, including Elon Musk’s support of the cryptocurrency via Tesla’s announcement, Scott predicts that Wall Street giants, as well as other countries around the world, would follow suit.
BTC has also drawn the interest of sovereign wealth funds.
Singapore’s government fund Temasek, for example, has been buying virgin BTC from miners. Last week, NYDIG’s Robert Gutmann announced that the firm is in talks with sovereign wealth funds about having a foot in the door with BTC.