In March, the downtrend continued. From a peak of US$ 9000, the bitcoin price fell to US$ 5000, before recovering to US$ 6000.
In April, the price returned to its March peak.
Another remark from last month is also appropriate:-
Comparing the '2020-02 Price' chart, note the loss of most price sources in the current chart. They were restored sometime after I took the snapshot.
The same happened with the chart shown above. All price sources were missing at the time I took that snapshot, but were back when I wrote this current post. As for the spikes in volume during the month, I count three:-
2020-04-02 16:00 ?
2020-04-23 12:00 jump in price
2020-04-29 16:00 big jump
The first spike marked '?' had no corresponding change in price. The two other spikes accounted for much of the month's gain in price. Only the third spike merited atention in Cointelegraph's Analysis category:-
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2020-04-29:
With Bitcoin Price Surging, What Do Key Trends Say About BTC Halving?
•
'Ahead of Bitcoin’s upcoming halving, all major trends surrounding the premier cryptocurrency seem to be positive.'
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2020-04-30:
Interest in Bitcoin Spikes Worldwide During COVID-19 Crisis
•
'Bitcoin might not be the most stable asset out there, but it is more stable than some economies.'
- 2020-05-01: Top Crypto Traders Explain Where Bitcoin Price Will Go After $9,400 Rally • 'Leading crypto traders lay out both bearish and bullish scenarios for Bitcoin as the halving approaches.'
When will 'the halving' occur? Another Cointelegraph article, Bitcoin Halving Explained (December 2019), informs,
Q: When will the next Bitcoin halving take place? • A: The week commencing 18 May 2020, based on current performance, but it might be 14 May.
That article is five months old, so I assume the date has been pinpointed more precisely since then. I'm in the camp that believes the halving is already priced in, and that other, still unknown factors will determine the ensuing bull/bear psychologies. Any other scenario assumes that the bitcoin market is not efficient.
Back to the three April spikes in volume, Cointelegraph's Price Analysis tag served up analysis stories covering each spike.
- 2020-04-03: Price Analysis April 3: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LEO • 'Bitcoin price continues to push higher but major cryptocurrencies should sustain above their 20-day EMA to confirm that the downtrend might be over.'
- 2020-04-24: Price Analysis 4/24: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LINK • 'Bitcoin is close to breaking out of its overhead resistance. This has resulted in strong price action in some altcoins, which suggests that the investor sentiment is bullish.'
- 2020-04-29: Price Analysis 4/29: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, XLM • 'Bitcoin’s impressive rally has pushed the crypto markets higher, leading traders to wonder if the uptrend will last through the halving event.'
- 2020-05-01: Price Analysis 5/1: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, XLM • 'Most major cryptocurrencies are facing resistance at higher levels, meaning a few days of consolidation could be needed before the rally can resume.'
Those first two calls -- 04-03 & 04-24 -- were accurate. The last two will have to wait until next month's cookie cutter 'Price' post.
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