Bitcoin To Extend Its 70% Surge This Year if Key Charts Are Right
Bitcoin is hurtling toward a quarterly gain bigger than any since the start of 2021, the year when it went on to hit a record high.
Some analysts argue the token is being viewed as a hedge against the woes in the US and European banking sectors and benefiting from expectations of looser monetary policy to cushion economies from the fallout of those troubles.
“The behaviour of the price through this crisis is going to attract more institutions,” Ark Investment Management’s Cathie Wood said on Bloomberg Television, referring to the unravelling of three US lenders and the emergency takeover of Credit Suisse Group AG by UBS Group AG.
Bitcoin’s revival has helped the digital-asset market add about $390bn in value in 2023 after a $1.5tn rout last year. The rebound has weathered crypto bankruptcies, a US regulatory crackdown and the temporary de-peg of a key stablecoin that’s meant to hold a constant $1 value.
The rally has paused, leaving the token near $28,000 as traders await the latest Federal Reserve policy decision. Key charts suggest any hiatus or pullback is likely a temporary speed bump on the way to further gains.
