April Bulls Day? Bitcoin just closed its best March and first quarter in 8 years

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Bitcoin (BTC) has had its most successful first quarter in eight years, as the Ides of March cannot be implemented for Hodler.

Data released by analytics resource Bybt at the end of the first quarter of 2021 showed that BTC / USD gained more in the first three months of this year than it had ever before since 2013.

BTC price rises 103% in the first quarter

While Bitcoin didn’t regain any all-time highs before the start of the second quarter, it posted a rare performance in March – usually negative returns are seen that month.

BTC / USD monthly returns table. Source: Bybt

This time around, the largest cryptocurrency not only rose nearly 30%, it also recorded the highest price in history of $ 61,700.

In the first quarter of 2021, only green candles were counted each month, representing a total increase of 103.1% per quarter. The last year it beat this was also 2013 when the price was below $ 100 and a first quarter performance of 539%.

BTC / USD 1 Month Candlestick Protocol (Bitstamp). Source: trade view

The anticipation for the next few months is already increasing. Q2 is traditionally the busiest time of year for Bitcoin. Negative returns have only been seen for two years, both less than 10%. The target to be exceeded is 2019, which achieved a growth of 159% and is the best second quarter since 2013.

On the right way

Simply examining the raw data for return creates the feeling that in the year after block subsidies are halved, Bitcoin is performing exactly as expected, which is traditionally the strongest in any four-year halving cycle.

Comparing this cycle with previous ones – and from 2021 to 2013 and 2017 – now shows that regardless of all-time highs, Bitcoin actually did nothing extraordinary.

Quant analyst PlanB uploaded the latest version of a chart showing price movements after each halving, worrying that BTC / USD has risen too fast in recent months.

“Bitcoin currently tracks between 2013 and 2017,” he said summarized to Twitter followers.

Comparison of the Bitcoin price after halving with the stock-to-flow targets. Source: PlanB / Twitter

As Cointelegraph reported, PlanB’s stock-to-flow pricing models are calling for an average price of either $ 100,000 or $ 288,000 this cycle, with the former likely being too conservative now.