Despite Bitcoin ending April with its highest monthly gain in 12 months, fears remain in cryptocurrency markets. The Crypto Fear & Greed Index hit 39 on Friday, which is firmly in “fear” territory and a sign that many investors remain cautious despite the upbeat end to the month.
Two green candles after a long dry spell
Bitcoin returned 12% in April, its best monthly performance since April 2025, when it returned 14%. The rise ended with five consecutive red monthly candles rising in a row.
“After five consecutive red monthly candles, Bitcoin has now closed its second green candle, bringing some relief to the market,” cryptocurrency trader Daan Crypto Trades wrote about X.
$BTC April is over. May has arrived.
After five consecutive red monthly candles, Bitcoin has now closed two green candles, bringing some relief to the market.
What do you think? Is May red or green? 👇 https://t.co/u8IhgV8ahI pic.twitter.com/aihxkDEqQc
— Daan Cryptocurrency Trading (@DaanCrypto) May 1, 2026
Nonetheless, April’s results were slightly below the coin’s historical average of 13% for that month, according to CoinGlass data.
Bitcoin started near $66,000 in April and is currently trading around $78,400. This is still about 35% below the all-time high of $125,100 reached in October last year.
Analysts are divided about what happens next.
Now that May opens, market watchers are divided on where Bitcoin will go. Cryptocurrency analytics firm CryptoQuant issued a warning that the April rally may have been built on shaky foundations.
Source: Coinglass
According to the company, the move was primarily driven by futures traders rather than deeper structural demand, increasing the likelihood of price declines in the coming months.
On the other side of the debate, MN Trading Capital founder Michael van de Poppe argued that Bitcoin doesn’t need a headline-grabbing catalyst to surpass $100,000.
What story will you bring? #Bitcoin With $100,000?
There is no need for a story to drive up prices.
Prices rise and narratives create themselves.
At this point, it feels like there will never be another narrative that will move the needle…
— Michael van de Poppe (@CryptoMichNL) May 1, 2026
“There is no need to talk about raising prices,” he wrote on X Friday. Bitcoin last traded above $100,000 on November 13, about a month after the October 10 event that liquidated the $19 billion cryptocurrency market.
Crypto analyst Jelle offered a short-term view, writing simply: “We’re back at it next week.”
History points to a solid May, but there are no guarantees
Bitcoin has historically averaged returns of 7.78% in May, making it one of the most lucrative months on the calendar, according to CoinGlass data.
Some market participants are relying on this performance to remain optimistic. According to the report, many traders believe that Bitcoin’s historical patterns tend to repeat themselves, but analysts have long warned that the cryptocurrency market’s past performance has no real predictive weight.
Featured image by MetaAI, chart by TradingView
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