Bitcoin rallied 18% on a week on week basis as it broke the critical US$7,000 resistance level. In line with historical trends of Bitcoin’s seasonality, whereby in the past few years Bitcoin has tended to trade upwards (+30-50%) going into April and May, the asset has displayed decent upwards momentum and remained reasonably supported at the US$7,200 handle. We expect this momentum to continue well into April as Bitcoin looks to retest US$8,000.
Bitcoin Adoption and Growth Slowly Being Realized
This growth in small scale holdings of BTC and the upward spike in transaction counts and active addresses coincides with the fact that major exchanges, such as Coinbase, Binance, and others, are reporting significant retail demand. Bitcoin deposits, new signups, active trading users, and fiat-to-BTC trades (that is, credit card purchases) have all increased. This gives us the confidence that investors slowly see Bitcoin as an added value in their portfolios.