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April is one of the best months for Bitcoin

10 Apr, 2023
April is one of the best months for Bitcoin

Bitcoin has already shown excellent results in 2023, rising by 69% and being dubbed the most effective financial instrument by Goldman Sachs.

Image source: Goldman Sachs Global Research

Some experts believe the cryptocurrency will struggle to cross the $30,000 mark in the medium term after a strong start. Bloomberg analyst Mike McGlone notes this in particular, citing the shrinking money supply of the US dollar and the withdrawal of funds from bank deposits.

Image source: twitter.com/mikemcglone11

But it was the collapse of several banks and the lack of total deposit insurance that caused a growth of interest in Bitcoin and its subsequent rise. The cryptocurrency remains a highly-volatile tool, and owing to decentralisation, no regulators can completely devalue accumulated funds. This is why some analysts call Bitcoin a store of value.

Image source: StormGain cryptocurrency exchange

Further degradation of the situation surrounding the banking sector is highly likely to cause an outflow of capital into cash funds and Treasury bonds (as McGlone writes) and Bitcoin

Looking ahead, from a statistical point of view, April is the second month after October in terms of growth, with an average 15.6% increase over the last five years.

Image source: Bespoke Investment Group

A number of top managers are also positive about the future: SkyBridge Capital founder Anthony Scaramucci believes the bearish cycle is over, and Bitcoin is returning to a growth trajectory. In his tweet, he notes the cyclical nature of cryptocurrency and the need for long-term planning: "Any time that you've held #Bitcoin in a four-year rolling interval, you've outperformed every other asset class."

MicroStrategy head Michael Saylor agrees with his position, having built up his holdings to 140,000 BTC worth $3.9 billion in the past two months. MicroStrategy is the largest public holder of Bitcoin, with an average purchase price of $29,803.


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