Bitcoin On Course For Best Quarter Since Early 2021, Here’s What Q2 Could Hold for the BTC Price
Bitcoin, the world’s first and largest cryptocurrency by market capitalization, is about to close out its best quarter in exactly two years.
Assuming Bitcoin is able to close Friday’s session at or above current levels in the $28,200s, the cryptocurrency would have gained a massive 70% since the start of the year.
Back in Q1 2021, Bitcoin doubled in price from slightly above current levels to close to $59,000. Indeed, the end of Q1 2021 marked Bitcoin’s best-ever quarterly closing level.
Bitcoin’s sudden return to form in 2023 comes amid a more favorable macro backdrop.
Fed tightening bets have eased in recent weeks amid concerns about weakness in the bank sector, which has itself also spurred a safe-haven bid for “hard money” like precious metals and proven cryptocurrencies like Bitcoin (which many refer to as digital gold).
Bitcoin’s 2023 rally has also likely been driven by mean reversion and improvements in Bitcoin’s on-chain health – various technical and on-chain indicators have been flashing in the last few months that Bitcoin had become oversold last year and that the bear market bottom is now likely in.
Read More:
With the world’s largest cryptocurrency having defied the bears in Q1 2023, investors are wondering what Q2 might hold for Bitcoin.
Things have been looking good for the medium-term technical outlook since Bitcoin’s hugely important bounce from its 200-Day Moving Average and Realised Price under $20,000 earlier this month, which also happened to coincide with another retest of the downtrend from the Q4 2021 and end-Q1 2022 highs.
All of Bitcoin’s major moving averages point higher and all have crossed each other in a bullish fashion - the 21DMA is above the 50DMA, which is above the 100DMA, which is above the
Read more on cryptonews.com
