April Bulls Day? Bitcoin just closed its best March and Q1 in 8 years
Bitcoin (BTC) had its most successful first quarter in eight years when the March Ides didn’t pan out for Hodler.
Data released by analytical source Bybt for the first quarter of 2021 showed that BTC/USD gained more in the first three months of this year than any other currency since 2013.
BTC price rises 103% in Q1
Although bitcoin did not regain its all-time highs until the beginning of the second quarter, it put in a rare performance in March this year – normally posting a negative return in that month.
BTC/USD monthly performance chart. Source: Bybt
This time, the largest cryptocurrency not only rose by almost 30%, but also recorded the highest price ever – $61,700.
In the first quarter of 2021, only green candles are lit monthly with a cumulative quarterly growth rate of 103.1%. The last year it performed better was also 2013, when it was below $100, with a 539% performance in the first quarter.
1 month candlestick chart BTC/USD (Bitstamp). Source: View of the shop
The outlook for the coming months is already beginning to emerge. The second quarter is traditionally the strongest time of year for bitcoin, with only two years of negative returns below 10%. The goal is to surpass that number in 2019, which resulted in a 159% increase and was the best second quarter ever. quarter since 2013.
So a simple look at the raw return data gives the impression that bitcoin is performing exactly as expected in the year following the block grant halving, traditionally the strongest in any four-year halving cycle.
Comparing this cycle to previous ones – and from 2021 to 2013 and 2017 – shows that bitcoin hasn’t really done anything special, regardless of all the time spikes.
Uploading the latest version of the chart, which shows price movements after each two-for-one price split, quantitative analyst PlanB dispelled concerns that BTC/USD has risen too fast in recent months.
Bitcoin is currently on the move between 2013 and 2017, he summarized for his followers on Twitter.
Bitcoinprice comparison after downgrade to target. Source: PlanB/Twitter
As reported by Cointelegraph, PlanB stock valuation models for this cycle call for an average price of either $100,000 or $288,000, with the former likely to be too conservative as a top.
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