After several weeks of stability, the price of Bitcoin (BTC) might expect a significant trend to the upside upon observing the historical chart patterns that the flagship decentralized finance (DeFi) asset has demonstrated during Easter weekends every few years.
As it happens, Bitcoin has been stable for weeks, recording strong support at $25,000, and if it manages to hold this level, a break above $35,000 is possible, but a retest and bounce would “also be ideal,” according to the Twitter post shared by the cryptocurrency and finance analyst CryptoYoddha on April 7.
On top of that, according to CryptoYoddha’s chart analysis, Bitcoin could also briefly reach the $48,000 level in May or June before correcting to $25,000 in late 2023 and again soaring beyond the previous critical level and toward $90,000 in April 2024.
Easter bull?
It should also be noted that the maiden crypto has followed a pattern of recovery from a heavy bear market every three or four years and that Easter has typically been a starting point for a bullish run in the following weeks, as observed by another pseudonymous crypto market analyst, Stockmoney Lizards, on April 7.
Indeed, such behavior took place in the weeks following Easter in 2012, when Bitcoin soared 225.33%, in 2016, when it improved by 94.83%, and in 2019, when the crypto industry representative gained 167.88% to its price, with the analyst expecting Bitcoin to move toward $40,000 in late May.
Bitcoin price analysis
As things stand, Bitcoin is currently changing hands at $27,945. Its price represents an increase of 0.03% on the day but also a minor decrease of 0.34% across the past week and a growth of 25.78% on its monthly chart, according to the latest data retrieved on April 7.
Meanwhile, Bitcoin has been demonstrating strength against traditional assets since the year’s turn, recording a return on investment (ROI) that was 170.32% higher during the first quarter of 2023, compared to the average of five major stock indexes, as Finbold reported on April 6.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
