Bitcoin set for first negative April since 2015
29 Apr 2021
Bitcoin is on track to end its first negative April in six years this week, despite reaching a record high a fortnight ago.
According to data from monitoring resource company Bybt, Bitcoin at -8.3% in April is its worst April on record and the first to make a loss since 2015.
Bitcoin’s performance this month is in contrast to March, which this year recorded gains of close to 30%.
With three consecutive months of upside in the first quarter, this year continues to buck several Bitcoin price trends, Cointelegraph reports.
BTC/USD was trading at around $54,600 at the time of writing. The price briefly hit $56,200 on rumours Facebook had bought Bitcoin in Q1, however the claims were unfounded.
In addition, as reported by Cointelegraph, the feeling among traders is growing for Bitcoin – the world’s largest cryptocurrency by market cap – to dip following six months of upside.
Up until autumn, say analysts, focus will shift to altcoins. Ethereum, the largest altcoin hit new record highs this week, proving to be uncorrelated to Bitcoin under the present conditions.
According to trader Scott Melker, quoting his latest Wolf Den newsletter: “Not only are they not correlated, which would be a 0, they have entered the realm of inversely correlated.
“To note, we saw ETH/BTC move up significantly on the BTC drop.”
Bitcoin should continue its upward trajectory by the fourth quarter, according to analysts.