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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin April Monthly Close Was Crypto Asset’s Best Performance Since 2013

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read
bitcoin crypto

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Created by industry experts and meticulously reviewed
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Today is a new month, and that means that last night’s daily close also market the April candle close on Bitcoin monthly price charts.

Last night’s close marked the first-ever cryptocurrency’s best April performance since 2013, even easily besting the April 2019 rally that took Bitcoin to over $13,000. Is this a sign that the next peak will be even higher?

Bitcoin April Monthly Close Was Most Bullish Since 2013

Bitcoin price exploded from an April low of $6,100 to as high as $9,500 at the peak.

The powerful move from bulls was the best positive performance in the emerging asset since 2013 when Bitcoin first broke above $100.

Now, the asset is dealing with prices of nearly 100 times that, yet still breaking records for how strong the rally was.

#Bitcoin's performance in April was the best since 2013.

As shown by the violin plot, $BTC also has a relatively high average return during May (the 3rd largest after April & November).

What do you think is in store for May 2020?

Bullish or Bearish? pic.twitter.com/623OrY2Ak0

— jholme5.lens (@JHolme5) May 1, 2020

According to the chart below, April has historically been a strong performing month for Bitcoin and usually closes green. Only two April candles in the asset’s history have ever closed red.

Related Reading | Sell Bitcoin in May and Go Away? Ominous June Event Could Cause Crash

Also depicted on the chart, during the following month in May also has been historically bullish, suggesting that more upside is ahead.

However, there are a number of factors that could make any reversals short-lived.

bitcoin price chart crypto

These Factors Stand in the Way of a New Crypto Bull Run

The April monthly candle closed with an over 35% rise from the bottom of the candle shadow, to the body close. The price closed above the previous red candle, forming a bullish engulfing candle.

These candlestick formations often signal a short-term reversal, but top market experts warn that any reversals are often short-lived and result in a further downtrend.

Related Reading | Top Technical Analyst Claims Latest Bitcoin Engulfing Candle Isn’t Bullish

Bitcoin has to face many other challenges as well. While the halving is seen as a bullish event, it could cause miners to further capitulate as the cost of production grows.

There’s also Mercury in retrograde coming this June, which could cause prices to tank starting in the next month.

Finally, there’s a saying across financial markets, to sell in May and go away. This would have worked decently in Bitcoin last May, as the asset topped out the next month and fell into a downtrend yet again.

The thought is that markets are cyclical and even seasonal, and such recurrence has led to the belief that assets perform the worst during the summer months, then pick up again around October for what is called the Halloween effect.

Of course, Bitcoin‘s halving and the expected impact on supply and demand could prove to be far too bullish for bears to keep the price of the cryptocurrency down any further, as is evident by the amount of liquidates short positions this week.

Featured image from Pixabay
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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