Friday, April 2, 2021

Bitcoin price had its best March since 2013

 

Key facts:

In March 2021, bitcoin increased in price by almost 30%.

Many analysts consider that April would also be a good month for the price of bitcoin.

During March 2021, the price of bitcoin (BTC) had a monthly return of 29.84%. This was the best March for the first cryptocurrency since 2013, when the increase in its price reached 172.76%.

March and September are often said to be the worst months for bitcoin. Now, it is possible to remove that badge from March since it has to its credit three occasions in which the monthly balance was positive, against only two in September. In addition to 2013 and 2021, the other year in which the monthly balance of the price of bitcoin closed positively in March was 2019, with an increase of 7.05%.

Last year, during the same period, bitcoin closed with numbers in the red, with a decrease in its price of -24.92%. The cryptocurrency was highly coupled to the price of traditional markets and was particularly affected on March 12, on the so-called "Black Thursday", when BTC lost 35% of its price in less than 24 hours.

Between 2014 and 2018 there was a streak of five negative marches with losing returns ranging from -4.38% to -32.85%. The statistics only take into account the values registered since 2013, when BTC began to be traded en masse on exchanges.


If, instead, what is taken into account are not percentages of increase or decrease but the variation in the price of the cryptoactive, measured in dollars, March 2021 was the best month in the entire history of bitcoin. Its price between March 1 and March 31 increased by USD 13,511 and thus surpassed the record that, until then, was held in February 2021, with an increase of USD 12,182.

April has been a "green month" for bitcoin for 5 years

April, if what happened in the last 5 years is repeated, it would close the month for BTC with numbers in green. Since 2016, the monthly balance for the cryptocurrency in that period is positive, with returns of between 7.37% and 36.34%.

There are many analysts who forecast good news for the price of bitcoin in the coming days, which would result in a new green April in 2021. Among them is the trader Willy Woo, who estimates that, in the short term, bitcoin should return to a price close to USD 61,000. CryptoNews reported Woo's analysis, in which he also maintains that we are far from the maximum price that the cryptocurrency could reach in the current bull cycle.

At the time of writing, bitcoin has been on the rise for a week, after a slight correction. Now it seems to be struggling to get back to USD 60,000, a fact that can be seen in the real-time bitcoin price calculator provided by this information portal.