BTC with 55% discount? – Analysis Shows Bitcoin Is On Track For Huge Rise In April

Crypto Market Watch Bitcoin BTC and Bitcoin Cash BCH Price Analysis

Bitcoin entered a new month with a shakeout of some of its gains from the previous quarter. BTC fell about 5% on the last day of March to close out the month at a price of $45,517, as noted by PlanB, the creator of the Bitcoin stock-to-flow (S2F) model.

S2F model still in play – PlanB maintains

An observation made over the map noted that it was currently not on track in its projection. However, the pseudonymous analyst claimed the model had been more off-track on two other occasions than it is today – at the peak of the 2011 and 2013 markets.

He added that if the S2F model is still in play, it means that “Bitcoin is now 55% off.” The analyst also noted that with 23 months to the next halving, all kinds of market moves were possible, although Bitcoin’s resilience will remain.

Bitcoin’s resilience was spectacularly demonstrated in March. Bitcoin’s price recovered from several market crisis moments. Some of these include the announcement of a rate hike by the Fed, an EU proposal to ban proof-of-work mining, speculation that Russia could use Bitcoin to evade sanctions, as well as mass market liquidations and anxiety.

Despite this, Bitcoin’s price still peaked at $48,205 and turned positive for the first time this year in the time frame of the year so far, according to a CNBC report. Bitcoin was also credited with showing divergent strength by rising as the stock continued to slump.

Will Bitcoin Replicate Its Rise In April?

Bitcoin is trading at $46,620 at the time of writing, up 3.44% in the last 24 hours. Although this is already higher than the close of March, analyst expectations for the price-performance ratio are completely optimistic.

Market analyst Kevin Svenson noted that Bitcoin is trading in a breakout zone. The argument only becomes invalid if Bitcoin fails to provide support at a price of around $44k in the 128d/SMA chart.

Meanwhile, Santiment has pointed out that as many as 3x more trades are made at a profit than trades at a loss. This is the first time since November.

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