Historical trends act as a gauge for traders to assess the possibilities for the future. April has been a bullish month for Bitcoin (BTC) with eight monthly closes in the green and only two instances of negative returns.
Danny Scott, the CEO of the Bitcoin exchange CoinCorner, said that Bitcoin could rally to $83,000 if it emulates its average April return of 51% as it had over the past 10 years.
This could be one of the reasons why miners have started holding their positions instead of selling at the current levels. Lex Moskoviski, the CIO at Moskoviski Capital, recently highlighted that miners had hoarded 4,380 Bitcoin on April 2 and 4,494 Bitcoin on April 3.
While Bitcoin remains the undisputed leader, a positive is that some mainstream companies have started to explore opportunities in different sectors of the crypto sector.
Shopify CEO Tobi Lutke indicated that his company was exploring ways to integrate with decentralized finance. On April 3, Lutke tweeted a question to the DeFi community asking for ideas on what role the company could play in the space. If something concrete comes of this it could give a big boost to the entire crypto ecosystem.
Let’s study the charts of top-5 cryptocurrencies that may outperform the other major cryptocurrencies in the short term.