Bitcoin price is rising again. We managed to break the ATH from the previous cycle again.
Bitcoin price above previous ATH
At the time of writing, one bitcoin costs over USD 69,000 – USD 69,389 to be precise. This means a jump of 1.88% per day and again breaking the ATH from the previous cycle in 2020-2021. During the week, the BTC price dropped, but only by 1.3%.
One ether costs $3,388, which means an increase of 1.74% in 24 h and a decrease of 6.5% in 7 days.
The mood is still good. The Bitcoin Fear and Greed Index is 78, which translates to extreme greed (“Extreme Greed”).
The Ethereum Fear and Greed Index is 61, which means “ordinary” greed (“Greed”).
The course is preparing for halving
Where do these increases come from? The market is probably already anticipating the halving, which will take place in the Bitcoin network around April 20 (the date depends on the speed of block registration in the blockchain).
However, the Coinbase exchange warns against too much enthusiasm.
The BTC halving, currently scheduled for April 20 or 21, could be a catalyst for higher prices, but will face a typically weaker time of year for cryptocurrency markets and other risky assets
– the exchange said in its report.
What is the weaker period for cryptocurrencies? According to data from Brave New Coin, which researches the digital assets market, since 2011, from June to September, the cryptocurrency market has usually recorded a monthly return of about 2.7%. For comparison: in the remaining eight months the average profit is approximately 19.3%.
There is nothing shocking about the above. The saying “sell in May and go away” didn't come out of nowhere. This is the result of the fact that, as a rule, during summer periods, i.e. holidays, movements on the stock exchanges decline. Of course, this will not rule out further bullish growth, but we can expect that there will be less than two months full of emotions ahead of us, and then a quarter of… boredom.
