Bitcoin and other cryptocurrencies have had a solid start to the year, and now as they enter the second quarter, experts predict that April will be seasonally favorable to risky assets such as stocks and cryptocurrencies.
The month of April has historically been a positive one for both Bitcoin and the S&P 500 index, with average monthly returns exceeding 17% and 2.6% respectively.
According to data from crypto service agency MatrixSport, Bitcoin has posted positive monthly results in April six times over the past decade. Additionally, April has been the best month of the first half for Bitcoin and the third best month for the year.
Marcus Thielen, head of research and strategy at Matrixport, commented on the recent rally in the US stock market and its potential positive effect on cryptocurrencies, particularly as the market enters a historically strong month for US equities. Thielen also expressed confidence in his theory that inflation will come down in 2023, leading to a rally in all risk assets.
While the cryptocurrency market can be volatile, experts remain optimistic about the potential for a strong month for Bitcoin and other cryptocurrencies as the second quarter begins. Investors will be keeping a close eye on market trends and looking for opportunities to capitalize on potential gains in the coming weeks.
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