As April approaches, experienced cryptocurrency analyst Markus Thielen has stated that there could be a potential rise in the price of Bitcoin (BTC). Drawing from past trends, the analyst predicts that the coming month will be a bullish one for Bitcoin. Thielen’s analysis highlights a historical correlation where April has seen positive returns for the leading cryptocurrency.
12% Increase Forecasted
Markus Thielen, CEO of 10X Research and a cryptocurrency analyst, recently shared his latest analysis on the X platform, predicting a potential 12% price increase for Bitcoin in April. Thielen’s analysis points to historical data, noting that April has often seen significant price increases for Bitcoin, with noteworthy gains recorded in six out of the last ten years.
The analyst links the ongoing fluctuations in Bitcoin’s price to a phase commonly observed in historical data before significant price movements, which is the stage before the block reward halving. This expectation is also supported by the upcoming block reward halving, historically followed by significant rallies.
Bitcoin’s current upward trend is now attracting the attention of both individual and institutional investors. The past data pointed out by Thielen suggests that the upcoming month will be dynamic and likely to trend upwards.
Powered by Spot ETFs
The current upward trend in the Bitcoin and cryptocurrency market is gaining strength from strong entries into spot Bitcoin ETFs in the US, reflecting the growing interest of institutional investors in Bitcoin investment vehicles.
The decrease in exits from Grayscale’s spot ETF, GBTC, indicates a significant shift in investor sentiment, suggesting renewed confidence in the long-term potential of the largest cryptocurrency. These developments are reinforcing Bitcoin’s position as a mainstream asset class and contributing to market confidence.
According to the latest data, the largest cryptocurrency is trading at $69,979, down 0.88% in the last 24 hours at the time this article was prepared. The data reveals that Bitcoin has risen by 7.96% in the last 7 days and by 11.62% in the last 30 days.
