Bitcoin Poised for Easter Bull Run: Analysts Predict Surge to $90,000 by April 2024
Bitcoin's price has been stable for several weeks, hovering around the $28,000 mark.
However, recent historical chart patterns suggest the flagship decentralized finance asset may be gearing up for a significant uptrend.
According to CryptoYoddha, if Bitcoin manages to hold the $25,000 level, a break above $35,000 is possible. In fact, the cryptocurrency could briefly reach $48,000 in May or June before correcting to $25,000 in late 2023.
The price has been stable for weeks now. IMO if it keeps on holding like this we'll see #BTC above $35K.
We have strong support at $25K. Retest and bounce will also be ideal. pic.twitter.com/wriJDZc090
— Yoddha (@CryptoYoddha) April 7, 2023
After that, Bitcoin is expected to soar beyond its previous critical level and head toward $90,000 in April 2024.
Stockmoney Lizards, a pseudonymous crypto market analyst, noted that Bitcoin has followed a pattern of recovery from a heavy bear market every three or four years.
Every 3-4 years, Bitcoin recovers from a heavy bear market.
Easter has typically been a starting point for a run in the upcoming weeks 👀 pic.twitter.com/4zOmftarzW
— Stockmoney Lizards (@StockmoneyL) April 7, 2023
Easter has often been the catalyst for a bullish trend. Moreover, Easter has historically been a starting point for a bullish run in the following weeks.
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For instance, in 2012, Bitcoin soared 225.33% in the weeks following Easter, while in 2016, it improved by 94.83%, and in 2019, it gained 167.88% to its price. Therefore, the analyst expects Bitcoin to reach $40,000 in late May.
As of April 10, Bitcoin’s price is $28,275, representing a 1.25% increase over the past 24 hoours and a monthly growth of around 25%. Nevertheless, Bitcoin has been demonstrating strength against traditional assets since the beginning of the year, with a return on investment (ROI) that was 170.32% higher during the first quarter of 2023 than the average of five major stock indexes.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
