- Bitcoin faced resistance at $30,000 and is trading at $28,566 as of press time.
- Bitcoin has shown resilience against macro events and is expected to surge over the next year.
Bitcoin shows volatility and resilience against macro events
The month of April has been somewhat flat for the world’s largest cryptocurrency, Bitcoin (BTC), as it faced resistance at $30,000 and is trading at $28,566 as of press time. However, Bitcoin has shown resilience against major macro events and the banking crisis this year, acting as a true hedge against the traditional financial system. The countdown to the Bitcoin halving event also starts around one year from now, which, according to historical trends, could potentially propel Bitcoin to new highs.
Bitcoin has the potential to jump to new highs
Data from Bloomberg shows that a four-month winning run in Bitcoin over the past decade has been followed by an average surge of 260% in the subsequent year. This would further propel the Bitcoin price all the way to more than $100,000. Furthermore, after Bitcoin’s strong recovery and resilience against global macro events, analysts are bullish about Bitcoin’s price gains over the next year.
Standard Chartered analysts expect the BTC price to touch $100,000 by the end of 2024, while BCA Research suggests that Bitcoin could partially usurp Gold as a store value in the long term.
Bitcoin as a lightning rod for liquidity
“The biggest thing for crypto is that it’s a lightning rod for liquidity. And as liquidity returns to the market, and it is and we’re seeing that, I think crypto will continue to trade well,” says Christopher Forbes, head of CMC Invest Singapore. Market analysts are bullish about Bitcoin’s resilience and the upcoming halving event, which could potentially drive Bitcoin to new highs. The recent banking-sector crisis has helped to re-establish Bitcoin’s core use case as a decentralized, trustless and scarce digital asset.