Bitcoin's First Green Month Since Last Fall—April, Don't Ghost Us Now

Bitcoin ($BTC) entered a bear market after hitting a new record high of over $126,000 in early October. The price has fallen by approximately 50% since October, and analysts still predict the bottom hasn't been reached yet. While September and October are currently being indicated as the bottom for Bitcoin, $BTC recorded its first monthly gain since September of last year in March, rising 2.2% after a long period of red. Bitcoin's price is currently trading around $69,000, up 2.3% in the last 24 hours. However, April—generally known as a bull month—started green for Bitcoin, so let's dig into whether this month has historically been kind to the king of crypto.

When looking at Bitcoin's performance over the years, certain months tend to see concentrations of declines (January, March, August, September, and December), while others see increases (February, April, July, October, and November). Examining the data, Bitcoin closed April with a decline in only 5 of the last 13 years, while it closed April with an increase in the remaining 8 years. In those red years, the percentage decreases were 14.7%, 17.3%, 1.9%, 3.4%, and 1.6% respectively.

While historical data suggests an upward trend in April, past performance doesn't guarantee future results. The market remains cautious about whether the trend will reverse given the declines experienced since October. The ongoing tensions between the US and Iran have increased uncertainty and inflation risk, delaying Fed interest rate cuts and negatively impacting risky assets like Bitcoin.

Crypto analyst Rachel Lucas said Bitcoin needs to remain stable in the $70,000 to $72,000 range to regain investor confidence. Crypto analytics firm Matrixport is taking a cautious approach, predicting $BTC may face short-term selling pressure in April due to geopolitical and inflation risks. While April has historically been bullish for Bitcoin, Matrixport noted this pattern has become unstable recently.