Bitcoin in April's First Week & Future Scenarios: A Comprehensive Look

By: Isha Das

Bitcoin's Performance & Future Possibilities

March ended with Bitcoin reaching record closing prices over $70,000, marking significant growth of over 57% in 2024, influenced heavily by the increase in institutional adoption and growing investor interest. However, the start of a new quarter displayed some turbulence as Bitcoin prices fell to $69,000 on April 1, causing substantial liquidations across the digital asset market of around $218M according to Coinglass.

Coinglass data paints a picture of a scenario where $151M of the total liquidated can be traced back to the elimination of long positions, with the remainder caused by short positions being liquidated. The concept of liquidation comes into play when an exchange has to close a trader's leveraged position due to either partial or total loss of the trader's initial margin.

Historically, the first week of April has not been kind to Bitcoin. Data since 2013 reveals it as the least profitable week, averaging a 4.75% loss, mostly observed during 2013-2015. The 14th week of 2024 records a 2.4% dip in Bitcoin value according to Coinglass data.

The future of Bitcoin continues to peak interest among many renowned experts in the field, with Anthony Pompliano, Des Dickerson, Cory Klippsten, Isaiah Jackson, David Johnston, Wendy O, Cas Piancey, and others, presenting a range of bullish to bearish predictions.