Bitcoin on track for ‘biggest gains’ in coming months based on one metric, analyst says
A popular cryptocurrency strategist is bullish on crypto king Bitcoin (BTC) over the next couple of weeks and months.
The widely followed host of InvestAnswers tells his 441,000 YouTube subscribers in a new video that Bitcoin typically registers its biggest gains from April to June.
“We could have a positive April or May going forward. And again like anything else in any market, things take a breather, but it’s interesting. Also, if you look at the averages below, April averages a 36% return over Bitcoin’s history, beaten only by November.
Now the reason I’m stressing that is… because you won’t get the gains in April unless you buy in March. If you’re not on the train, you might miss it. And again, I’m just looking at the story and explaining how things work. But usually March is the best month to buy because the next 60 to 90 days are when you get the biggest gains.”
Based on Bitcoin’s historical returns, April has averaged a 36% gain, while November has averaged 38%, per InvestAnswers chart.
According to the InvestAnswers host, the year that best compares to 2023 is 2019, and it produced fantastic returns for Bitcoin in five months of the first half of the year.
“If you try to find the analogue of 2023, it will be 2019, and it is a month away.
But if you imagine that in 2019 we had February, March, April, May, June all positive – a five-month run of all positive numbers. And you rarely get that these days. But it might be possible.”
The InvestAnswers host also says data shows options traders expect the price of Bitcoin to rise in the next two to three months.
“Most people buy calls and the calls they buy are $25,000 strike, $27,000 strike, $30,000 strike. A little bit of $31,000 and $32,000 as well. Heavy, heavy bullish action on Deribit [crypto options and futures exchange]. A lot of money goes into these future contracts. And this is out until 26 May 2023. So many believe the next two months [or] three months will be pretty good. And it is in line with the story.”
Bitcoin is worth $23,783 at the time of writing.
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