Bitcoin Monthly Performance
Bitcoin closed April with a strong 14.08% monthly gain, outperforming the historical April average and reversing direction after a sharp correction at the beginning of the month.
Bitcoin’s more than 32% rally from its lows of $74,000 in early April to around $98,000 has also raised expectations for a rally.
Market Concerns and Analyst Insights
However, while BTC’s recent decline to $94,000 has caused concern among investors, Bitfinex analysts said that the BTC bull run may not be over yet.
Bitfinex noted in its weekly report that Bitcoin has further upside potential if macroeconomic conditions stabilize.
Analysts also noted that Bitcoin needs to stay above $95,000 to reach new ATHs. At this point, analysts say that Bitcoin holding above this level would signal a “structural transition” into bullish territory, but warn that failure to hold $95,000 could lead to a deeper correction.
Volatility and Future Outlook
Analysts stated that the volatility seen in the short term continues to be worrying, but the picture is optimistic in the medium term, and that $95,000 is critical for new ATHs:
“Reclaiming the $95,000 level, which is the lower end of the old three-month range, remains important and critical. Holding the $95,000 zone, especially with BTC consolidating above the short-term conservative cost price of $93,340, could set the stage for a move to new all-time highs. However, failure to hold could turn this level into resistance once again, increasing the risk of a short-term rejection and deep correction.”
*This is not investment advice.
