Bitcoin on Track To Fetch ‘Biggest Gains’ Over Coming Months Based on One Metric, Says Analyst
A popular cryptocurrency strategist is bullish on king crypto 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 records the biggest gains from April through to June.
“We might get a positive April or May as we go forward. And again like anything in any market things take a breather but that is interesting. Also, if you look at the averages below, April is 36% return on average over the history of Bitcoin, only beaten by November.
Now the reason I stress that… because you don’t get the gainers in April unless you buy in March. If you’re not on the train, you could miss that. And again, I’m just looking at history and explaining how things work. But typically March is the best month to buy because the next 60 to 90 days you get the biggest gains.”
Based on Bitcoin’s historical returns, April has averaged 36% gains 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 stellar returns for Bitcoin in five months of the first half.
“If you try to find the analog of 2023, that would be 2019, and it’s off by a month.
But if you imagine in 2019 we had Feb, March, April, May, June all positive – a five-month run of all positive numbers. And it’s rare you get that these days. But it could be possible.”
The InvestAnswers host also says that data shows that options traders expect the price of Bitcoin to go up over the coming two to three months.
“Most people are buying calls and the calls they’re buying are $25,000 strikes, $27,000 strikes, $30,000 strikes. 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 going into these future contracts. And this is out to May 26, 2023. So many believe the next two months [or] three months will be pretty good. And that is in line with history.”
Bitcoin is worth $23,783 at time of writing.
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