Moving into Q2 of 2018, Bitcoin is off to a bullish break as of 12 April. The welcome respite saw Bitcoin’s price rise in excess of USD 1,000 at about 11am UTC (Coindesk). If this momentum continues, it will be in line with bullish patterns of prior years during Q2.
Bearish trends so far
Cryptocurrencies as a whole haven’t had a great start to the year regarding price as BTC fell in excess of 50% in the first few months of 2018. In the past week, BTC bottomed out around USD 6,500 but continued to stabilize around the USD 6,800 mark. This was the worst Q1 performance on record in terms of percentage. However, comparing the current price with that of last year’s in the same period when BTC was trading at about USD 1200 USD, it’s still going strong.
Previous bullish trends
BTC has a consistent trend for positive gains over the past seven years in Q2. 2011 reported the highest gains (1,964%), with 2017 coming in at 131% gains in Q2. If BTC were to test similar heights to that of December 2017, it could easily see gains similar to that of 2017 or more.
Will the bullish break continue?
Millennials have been found to have a preference to crypto over traditional stocks and there is a keen interest from mainstream companies such as IBM investing in blockchain technologies and research. As these projects come into the spotlight, cryptocurrencies are expected to gather momentum again.
As of 11.40am UTC (12 April 2018), BTC broke past USD 8,000 with a correction to stabilize around USD 7,700. It has maintained this stability throughout the rest of the day but will need to sustain this positive growth keeping a price index of around USD 7,500 to see a market transition.